Patterson-UTI Energy (NASDAQ:PTEN) Hits New 1-Year Low – Should You Sell?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week low on Tuesday . The stock traded as low as $7.12 and last traded at $7.20, with a volume of 1489511 shares traded. The stock had previously closed at $7.49.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on PTEN shares. Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lowered their price target for the company from $11.00 to $10.00 in a report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $11.63.

Patterson-UTI Energy Trading Up 0.7 %

The stock has a market cap of $2.92 billion, a price-to-earnings ratio of -3.05 and a beta of 2.06. The firm’s 50 day moving average is $8.53 and its two-hundred day moving average is $8.32. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, March 3rd will be given 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 4.24%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the transaction, the director now owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director James Carl Stewart sold 80,000 shares of the 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 sale, the director now owns 32,438 shares of the company’s stock, valued at $238,743.68. This trade represents a 71.15 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of large investors have recently made changes to their positions in PTEN. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy during the 4th quarter valued at about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Patterson-UTI Energy by 1,443.0% in 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 purchasing an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. bought a new position in shares of Patterson-UTI Energy in the fourth quarter worth about $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth about $42,000. Finally, Smartleaf Asset Management LLC boosted its stake in Patterson-UTI Energy by 43.5% during 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 period. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.