Patterson-UTI Energy (NASDAQ:PTEN) Sets New 52-Week Low – What’s Next?

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week low during trading on Friday . The stock traded as low as $5.81 and last traded at $5.71, with a volume of 2895431 shares changing hands. The stock had previously closed at $6.93.

Analyst Upgrades and Downgrades

PTEN has been the subject of several analyst reports. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a 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 report on Monday, January 6th. Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. Finally, The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $11.00 to $10.00 in a research note on Friday, December 13th. One 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. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average target price of $11.54.

Patterson-UTI Energy Trading Down 18.1 %

The business has a fifty day moving average of $8.24 and a 200-day moving average of $8.20. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The company has a market capitalization of $2.19 billion, a P/E ratio of -2.31 and a beta of 1.99.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.64%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is currently -12.96%.

Insider Buying and Selling

In related news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average price of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at $19,562,824.96. This represents a 1.02 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total value of $2,044,700.00. Following the completion of the sale, the director now directly owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its stake in shares of Patterson-UTI Energy by 30.2% in the 4th quarter. Victory Capital Management Inc. now owns 1,146,750 shares of the oil and gas company’s stock worth $9,472,000 after buying an additional 265,714 shares during the last quarter. State Street Corp grew its stake in Patterson-UTI Energy by 9.6% in the 3rd 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. Versor Investments LP increased its position in shares of Patterson-UTI Energy by 53.0% during the 4th quarter. Versor Investments LP now owns 175,900 shares of the oil and gas company’s stock valued at $1,453,000 after purchasing an additional 60,900 shares during the last quarter. Ieq Capital LLC raised its stake in shares of Patterson-UTI Energy by 262.6% during the 4th quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock worth $360,000 after purchasing an additional 31,589 shares during the period. Finally, Van ECK Associates Corp boosted its holdings in shares of Patterson-UTI Energy by 31.2% in the 4th quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company’s stock worth $60,477,000 after buying an additional 1,743,241 shares during 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.