Patterson-UTI Energy (NASDAQ:PTEN) Shares Down 5.8% – Here’s Why

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price was down 5.8% on Wednesday . The stock traded as low as $8.72 and last traded at $8.70. Approximately 5,643,620 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 9,170,262 shares. The stock had previously closed at $9.23.

Wall Street Analyst Weigh In

A number of analysts have issued reports on PTEN shares. Barclays cut their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Royal Bank of Canada dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, October 25th. Stifel Nicolaus reduced their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average price target of $11.63.

Patterson-UTI Energy Price Performance

The stock has a market capitalization of $3.39 billion, a price-to-earnings ratio of -3.52 and a beta of 2.06. The company has a quick ratio of 1.32, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The stock has a fifty day moving average of $8.29 and a 200-day moving average of $8.41.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be given a $0.08 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 3.68%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the sale, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in the business. Alliancebernstein L.P. lifted its holdings in shares of Patterson-UTI Energy by 66.0% in the 4th quarter. Alliancebernstein L.P. now owns 820,362 shares of the oil and gas company’s stock valued at $6,776,000 after buying an additional 326,188 shares during the period. Edmond DE Rothschild Holding S.A. lifted its holdings in Patterson-UTI Energy by 5.0% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 2,100,000 shares of the oil and gas company’s stock valued at $17,346,000 after acquiring an additional 100,000 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $39,000. Schroder Investment Management Group purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $511,000. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth $87,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.