Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down - Should You Sell?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $5.46, but opened at $5.24. Patterson-UTI Energy shares last traded at $5.25, with a volume of 772,654 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PTEN. Raymond James downgraded Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Susquehanna lowered their target price on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a report on Monday. Stifel Nicolaus reduced their price target 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. The Goldman Sachs Group dropped their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday. Finally, Morgan Stanley cut their price objective on 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $11.29.

Patterson-UTI Energy Price Performance

The stock has a 50 day moving average of $7.85 and a 200-day moving average of $8.07. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.22 billion, a P/E ratio of -2.33 and a beta of 1.60.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.57%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.96%.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 48,149 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total value of $357,265.58. Following the sale, the director now directly owns 85,475 shares in the company, valued at $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. The trade was 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

A number of hedge funds and other institutional investors have recently bought and sold shares of PTEN. Atria Investments Inc raised its holdings 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 worth $288,000 after purchasing an additional 1,252 shares during the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company's stock valued at $47,000 after buying an additional 1,358 shares during the last quarter. Avantax Advisory Services Inc. raised its stake in shares of Patterson-UTI Energy by 10.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock valued at $130,000 after acquiring an additional 1,436 shares in the last quarter. Summit Investment Advisors Inc. increased its holdings in Patterson-UTI Energy by 4.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock valued at $336,000 after buying an additional 1,596 shares during the period. Finally, Smartleaf Asset Management LLC grew its holdings in 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 last quarter. 97.91% of the stock is owned by institutional investors.

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.