Patterson-UTI Energy (NASDAQ:PTEN) Trading Down 3.8%

Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) shares traded down 3.8% on Friday . The stock traded as low as $16.60 and last traded at $16.78. 20,035 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 2,343,656 shares. The stock had previously closed at $17.44.

Wall Street Analysts Forecast Growth

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

Patterson-UTI Energy Stock Performance

The firm has a market cap of $3.77 billion, a price-to-earnings ratio of -12.15 and a beta of 2.33. The business’s 50-day simple moving average is $17.27 and its two-hundred day simple moving average is $15.53. The company has a quick ratio of 1.43, a current ratio of 1.55 and a debt-to-equity ratio of 0.52.

Patterson-UTI Energy (NASDAQ:PTENGet Rating) last announced its quarterly earnings data on Wednesday, October 26th. The oil and gas company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.09. Patterson-UTI Energy had a negative net margin of 13.21% and a negative return on equity of 2.60%. The company had revenue of $727.50 million for the quarter, compared to the consensus estimate of $683.88 million. As a group, sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.6 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 15th. Shareholders of record on Thursday, December 1st were paid a dividend of $0.08 per share. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.04. The ex-dividend date of this dividend was Wednesday, November 30th. This represents a $0.32 annualized dividend and a yield of 1.84%. Patterson-UTI Energy’s payout ratio is presently -22.38%.

Insider Activity at Patterson-UTI Energy

In other news, insider James Michael Holcomb sold 16,666 shares of the company’s stock in a transaction dated Wednesday, October 26th. The stock was sold at an average price of $16.01, for a total value of $266,822.66. Following the transaction, the insider now owns 331,443 shares in the company, valued at approximately $5,306,402.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.70% of the stock is currently owned by insiders.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CWM LLC boosted its stake in Patterson-UTI Energy by 194.6% in the 3rd quarter. CWM LLC now owns 2,224 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,469 shares during the period. Neo Ivy Capital Management acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $27,000. Rockefeller Capital Management L.P. increased its stake in shares of Patterson-UTI Energy by 79.7% in the third quarter. Rockefeller Capital Management L.P. now owns 2,905 shares of the oil and gas company’s stock valued at $33,000 after buying an additional 1,288 shares during the period. Quadrant Capital Group LLC grew its stake in Patterson-UTI Energy by 24.2% during the third quarter. Quadrant Capital Group LLC now owns 7,361 shares of the oil and gas company’s stock worth $86,000 after purchasing an additional 1,432 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in Patterson-UTI Energy in the second quarter worth approximately $146,000. 96.57% of the stock is currently owned by institutional investors and hedge funds.

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.

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