Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Up to $17.85

Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $17.85, but opened at $18.38. Patterson-UTI Energy shares last traded at $18.40, with a volume of 9,500 shares.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PTEN shares. Piper Sandler upped their price target on Patterson-UTI Energy to $24.00 in a research report on Tuesday, November 1st. Barclays upped their price target on Patterson-UTI Energy from $24.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, October 28th. StockNews.com raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, November 1st. Morgan Stanley upped their price target on Patterson-UTI Energy from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 1st. Finally, TheStreet raised Patterson-UTI Energy from a “d+” rating to a “c” rating in a research report on Thursday, November 10th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $21.50.

Patterson-UTI Energy Trading Down 2.5 %

The company has a market cap of $3.91 billion, a P/E ratio of -12.62 and a beta of 2.39. The company has a current ratio of 1.55, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52. The business has a 50 day moving average price of $15.48 and a 200-day moving average price of $15.57.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Thursday, December 1st will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Wednesday, November 30th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 1.77%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.04. Patterson-UTI Energy’s dividend payout ratio is currently -11.19%.

Insider Activity at Patterson-UTI Energy

In related news, insider James Michael Holcomb sold 58,335 shares of the stock in a transaction on Friday, November 4th. The stock was sold at an average price of $18.65, for a total value of $1,087,947.75. Following the sale, the insider now owns 273,108 shares in the company, valued at approximately $5,093,464.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of large investors have recently added to or reduced their stakes in the business. Advisor Group Holdings Inc. raised its stake in Patterson-UTI Energy by 18.2% in the 1st quarter. Advisor Group Holdings Inc. now owns 5,730 shares of the oil and gas company’s stock valued at $19,956,000 after acquiring an additional 881 shares during the period. Gamco Investors INC. ET AL raised its stake in Patterson-UTI Energy by 2.3% in the 1st quarter. Gamco Investors INC. ET AL now owns 40,572 shares of the oil and gas company’s stock valued at $628,000 after acquiring an additional 906 shares during the period. Raymond James Financial Services Advisors Inc. increased its position in Patterson-UTI Energy by 6.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 16,049 shares of the oil and gas company’s stock worth $187,000 after buying an additional 985 shares during the period. Captrust Financial Advisors increased its position in Patterson-UTI Energy by 4.5% during the 3rd quarter. Captrust Financial Advisors now owns 23,229 shares of the oil and gas company’s stock worth $271,000 after buying an additional 1,004 shares during the period. Finally, Nisa Investment Advisors LLC increased its position in Patterson-UTI Energy by 1.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 61,746 shares of the oil and gas company’s stock worth $757,000 after buying an additional 1,096 shares during the period. Institutional investors own 99.72% of the company’s stock.

About Patterson-UTI Energy

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Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

Further Reading

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