Patterson-UTI Energy (NASDAQ:PTEN) Shares Down 5.8% - Here's What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) was down 5.8% during trading on Wednesday . The company traded as low as $8.72 and last traded at $8.70. Approximately 5,643,620 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 9,170,262 shares. The stock had previously closed at $9.23.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on PTEN shares. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $11.00 to $10.00 in a research report on Friday, December 13th. Stifel Nicolaus cut their price objective on shares of 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. Royal Bank of Canada cut their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a research report on Friday, October 25th. Citigroup cut their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Finally, Raymond James lowered shares of Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. One investment 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $11.63.

Patterson-UTI Energy Stock Down 1.8 %

The business's 50 day moving average is $8.35 and its 200-day moving average is $8.37. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.32. The company has a market cap of $3.48 billion, a PE ratio of -3.61 and a beta of 2.06.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.59%. Patterson-UTI Energy's payout ratio is currently -12.96%.

Insider Activity

In other news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction on 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 directly owns 32,438 shares of the company's stock, valued at $238,743.68. The trade was a 71.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the company. WFA Asset Management Corp purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Patterson-UTI Energy by 1,443.0% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after buying an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth about $39,000. Smartleaf Asset Management LLC raised its stake in Patterson-UTI Energy by 43.5% in the 4th 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 during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its stake in Patterson-UTI Energy by 31.4% in 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 purchasing an additional 1,358 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

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.