Patterson-UTI Energy (NASDAQ:PTEN) Sets New 1-Year Low - What's Next?

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) hit a new 52-week low during trading on Friday . The stock traded as low as $5.81 and last traded at $5.71, with a volume of 2895431 shares trading hands. The stock had previously closed at $6.93.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several recent analyst reports. Morgan Stanley dropped their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a report on Thursday, March 27th. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Raymond James downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a report on Monday, January 6th. Finally, Stifel Nicolaus cut their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $11.54.

Patterson-UTI Energy Stock Performance

The business's fifty day moving average price is $8.01 and its two-hundred day moving average price is $8.12. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock has a market capitalization of $2.53 billion, a P/E ratio of -2.66 and a beta of 1.60.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were issued a dividend of $0.08 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 4.88%. Patterson-UTI Energy's payout ratio is presently -12.96%.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. WFA Asset Management Corp acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $42,000. Finally, Smartleaf Asset Management LLC lifted its position in Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after acquiring an additional 1,717 shares during the period. 97.91% of the stock is currently owned by institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.