Patterson-UTI Energy (NASDAQ:PTEN) Trading Up 1.9% – Here’s Why

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares were up 1.9% on Friday . The company traded as high as $8.02 and last traded at $7.97. Approximately 2,539,817 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 7,370,516 shares. The stock had previously closed at $7.82.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Royal Bank of Canada lowered their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Barclays dropped their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price objective for the company from $11.00 to $10.00 in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.71.

Patterson-UTI Energy Stock Performance

The business’s fifty day moving average is $7.98 and its 200-day moving average is $8.77. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The company has a market cap of $3.06 billion, a PE ratio of -3.58 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date was Monday, December 2nd. Patterson-UTI Energy’s payout ratio is -14.61%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of the stock in a transaction that occurred 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 completion of the sale, the director now directly owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This represents a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. bought a new position in Patterson-UTI Energy in the 2nd quarter worth $152,265,000. Ninepoint Partners LP bought a new position in shares of Patterson-UTI Energy in the second quarter worth about $51,800,000. American Century Companies Inc. grew its position in shares of Patterson-UTI Energy by 62.8% during the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after purchasing an additional 2,191,330 shares in the last quarter. ARGA Investment Management LP raised its stake in Patterson-UTI Energy by 1,066.6% during the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock valued at $15,000,000 after purchasing an additional 1,792,655 shares during the period. Finally, Canoe Financial LP lifted its holdings in Patterson-UTI Energy by 15,942.1% in the 3rd quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock worth $11,850,000 after purchasing an additional 1,514,500 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.