Patterson-UTI Energy (NASDAQ:PTEN) Shares Down 16% - Here's Why

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report)'s share price dropped 16% during trading on Thursday . The company traded as low as $7.25 and last traded at $7.19. Approximately 1,526,245 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 8,302,349 shares. The stock had previously closed at $8.56.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PTEN shares. The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Raymond James lowered Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a report on Monday, January 6th. Finally, Morgan Stanley dropped their price objective on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $11.54.

Patterson-UTI Energy Stock Down 4.0 %

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 company has a market capitalization of $2.11 billion, a price-to-earnings ratio of -2.21 and a beta of 1.60. The stock's fifty day simple moving average is $8.01 and its two-hundred day simple moving average is $8.12.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.86%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy's payout ratio is presently -12.96%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the acquisition, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at $19,562,824.96. This trade represents a 1.02 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company's stock in a transaction dated Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the sale, the director now directly owns 1,549,081 shares of the company's stock, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in PTEN. Atria Investments Inc raised its position in Patterson-UTI Energy by 3.7% during the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock valued at $288,000 after purchasing an additional 1,252 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after acquiring an additional 1,358 shares during the period. Avantax Advisory Services Inc. lifted its holdings in shares of Patterson-UTI Energy by 10.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock valued at $130,000 after buying an additional 1,436 shares during the period. Summit Investment Advisors Inc. raised its position in Patterson-UTI Energy by 4.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after acquiring an additional 1,596 shares during the period. Finally, Smartleaf Asset Management LLC lifted its holdings in Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after purchasing an additional 1,717 shares in the last quarter. Institutional investors own 97.91% of the company's stock.

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.