Patterson-UTI Energy (NASDAQ:PTEN) Shares Down 5.7% – Should You Sell?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s stock price 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 changed hands during trading, a decline of 57% from the average session volume of 7,593,299 shares. The stock had previously closed at $7.51.

Analyst Ratings Changes

PTEN has been the topic of several recent analyst reports. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Stifel Nicolaus cut their price objective 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. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.63.

Patterson-UTI Energy Price Performance

The firm has a fifty day moving average of $8.50 and a two-hundred day moving average of $8.29. The stock has a market capitalization of $2.90 billion, a P/E ratio of -3.04 and a beta of 2.06. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

Patterson-UTI Energy Announces Dividend

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 $0.08 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $0.32 annualized dividend and a dividend yield of 4.26%. Patterson-UTI Energy’s payout ratio is presently -12.96%.

Insider Activity

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The shares were 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 directly owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now directly owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Patterson-UTI Energy during the fourth quarter worth $3,705,000. Brucke Financial Inc. purchased a new position in Patterson-UTI Energy during the 4th quarter worth $135,000. Mackenzie Financial Corp increased its position in Patterson-UTI Energy by 172.7% during the 4th quarter. Mackenzie Financial Corp now owns 69,366 shares of the oil and gas company’s stock valued at $573,000 after buying an additional 43,927 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in Patterson-UTI Energy in the fourth quarter valued at about $364,000. Finally, Vise Technologies Inc. boosted its holdings in Patterson-UTI Energy by 93.6% in the fourth quarter. Vise Technologies Inc. now owns 43,315 shares of the oil and gas company’s stock worth $358,000 after acquiring an additional 20,945 shares in the last quarter. 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.