Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) was down 5.7% during mid-day trading on Wednesday . The company traded as low as $7.13 and last traded at $7.09. Approximately 3,229,875 shares traded hands during trading, a decline of 57% from the average daily volume of 7,593,299 shares. The stock had previously closed at $7.51.
Analysts Set New Price Targets
PTEN has been the subject of a number of recent research reports. Raymond James downgraded Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and cut their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. Finally, Stifel Nicolaus cut their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating for the company in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Moderate Buy" and a consensus target price of $11.63.
Read Our Latest Stock Report on Patterson-UTI Energy
Patterson-UTI Energy Trading Up 5.0 %
The stock has a market cap of $2.90 billion, a price-to-earnings ratio of -3.04 and a beta of 1.99. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The business has a 50-day moving average of $8.50 and a 200-day moving average of $8.27.
Patterson-UTI Energy Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 4.26%. Patterson-UTI Energy's payout ratio is -12.96%.
Insider Activity at Patterson-UTI Energy
In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction on 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 completion of the sale, the director now owns 1,549,081 shares of the company's stock, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Carl Stewart sold 80,000 shares of the firm's stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now owns 32,438 shares in the company, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.
Hedge Funds Weigh In On Patterson-UTI Energy
Several institutional investors have recently bought and sold shares of PTEN. WFA Asset Management Corp bought a new position in Patterson-UTI Energy during the fourth quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Patterson-UTI Energy by 1,443.0% during the fourth 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 buying an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. bought a new position in Patterson-UTI Energy during the fourth quarter valued at about $39,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Patterson-UTI Energy in the fourth quarter worth about $42,000. Finally, Smartleaf Asset Management LLC increased its stake in shares of Patterson-UTI Energy by 43.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after purchasing an additional 1,717 shares during the period. 97.91% of the stock is currently owned by institutional investors.
Patterson-UTI Energy Company Profile
(
Get Free Report)
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.
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