Patterson-UTI Energy (NASDAQ:PTEN) Shares Down 5.7% – Here’s Why

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) dropped 5.7% during trading on Wednesday . The company traded as low as $7.13 and last traded at $7.09. Approximately 3,229,875 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 7,593,299 shares. The stock had previously closed at $7.51.

Wall Street Analysts Forecast Growth

Several equities 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 report on Monday, January 6th. Stifel Nicolaus dropped their target price 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 reduced their price target for the company from $11.00 to $10.00 in a research report on Friday, December 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.63.

Patterson-UTI Energy Trading Up 5.0 %

The stock has a market capitalization of $2.90 billion, a PE ratio of -3.04 and a beta of 2.06. 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 50 day moving average price of $8.50 and a 200-day moving average price of $8.29.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.26%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s payout ratio is currently -12.96%.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the transaction, the director now directly owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 owns 32,438 shares in the company, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. Atria Investments Inc raised its holdings in shares of 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 acquiring an additional 1,252 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in shares of 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 worth $47,000 after buying an additional 1,358 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Patterson-UTI Energy by 10.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock worth $130,000 after buying an additional 1,436 shares during the last quarter. CIBC Asset Management Inc raised its position in shares of Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock valued at $171,000 after buying an additional 1,501 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its position in Patterson-UTI Energy by 4.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock worth $336,000 after acquiring an additional 1,596 shares in 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.