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

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

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PTEN shares. Stifel Nicolaus reduced their price target on 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. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price target for the company from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company 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 fifty day moving average of $8.52 and a 200 day moving average of $8.31. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The stock has a market cap of $2.82 billion, a price-to-earnings ratio of -2.95 and a beta of 2.06.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, March 3rd will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.38%. The ex-dividend date is Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the transaction, the director now owns 32,438 shares of the company’s stock, valued at $238,743.68. The trade was a 71.15 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’s stock in a transaction dated 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 sale, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. This trade represents a 12.93 % 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.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently made changes to their positions in the company. Pacer Advisors Inc. increased its holdings in Patterson-UTI Energy by 10.6% in the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock valued at $182,518,000 after buying an additional 2,123,659 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its holdings in Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock valued at $140,046,000 after purchasing an additional 7,989,877 shares in the last quarter. State Street Corp grew its position in shares of Patterson-UTI Energy by 9.6% in the third quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock valued at $118,080,000 after purchasing an additional 1,352,840 shares during the period. ARGA Investment Management LP increased its stake in shares of Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after purchasing an additional 8,254,137 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of Patterson-UTI Energy by 13.5% during the 4th quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company’s stock worth $79,597,000 after purchasing an additional 1,144,094 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.