Patterson-UTI Energy (NASDAQ:PTEN) Sets New 52-Week Low at $7.68

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares hit a new 52-week low during mid-day trading on Thursday . The stock traded as low as $7.68 and last traded at $7.79, with a volume of 884881 shares traded. The stock had previously closed at $7.83.

Several equities analysts have recently issued reports on PTEN shares. Royal Bank of Canada set a $17.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, July 26th. Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set an “overweight” rating on the stock in a research note on Monday. Bank of America cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note on Tuesday. UBS Group set a $17.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, July 26th. Finally, Piper Jaffray Companies lowered their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $12.80.

The firm’s 50-day moving average price is $8.81 and its two-hundred day moving average price is $11.29. The firm has a market capitalization of $1.62 billion, a PE ratio of -23.18 and a beta of 1.52. The company has a quick ratio of 1.76, a current ratio of 1.91 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.04. The business had revenue of $675.77 million for the quarter, compared to the consensus estimate of $670.28 million. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.71%. The firm’s quarterly revenue was down 20.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) earnings per share. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.91 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th were given a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend was Wednesday, September 4th. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -47.06%.

In related news, Director Janeen S. Judah sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total transaction of $45,250.00. Following the transaction, the director now directly owns 27,023 shares of the company’s stock, valued at $244,558.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Curtis W. Huff acquired 25,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average cost of $8.08 per share, for a total transaction of $202,000.00. Following the completion of the transaction, the director now directly owns 162,817 shares of the company’s stock, valued at approximately $1,315,561.36. The disclosure for this purchase can be found here. Company insiders own 4.00% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. purchased a new position in Patterson-UTI Energy during the third quarter valued at approximately $623,000. Cerebellum GP LLC purchased a new position in Patterson-UTI Energy during the third quarter valued at approximately $1,691,000. Scout Investments Inc. grew its position in Patterson-UTI Energy by 75.0% during the third quarter. Scout Investments Inc. now owns 3,039,548 shares of the oil and gas company’s stock valued at $25,988,000 after purchasing an additional 1,302,984 shares in the last quarter. State of Alaska Department of Revenue grew its position in Patterson-UTI Energy by 55.4% during the third quarter. State of Alaska Department of Revenue now owns 36,031 shares of the oil and gas company’s stock valued at $308,000 after purchasing an additional 12,839 shares in the last quarter. Finally, Macquarie Group Ltd. grew its position in Patterson-UTI Energy by 2.4% during the second quarter. Macquarie Group Ltd. now owns 7,154,245 shares of the oil and gas company’s stock valued at $82,345,000 after purchasing an additional 166,931 shares in the last quarter. 97.98% of the stock is currently owned by hedge funds and other institutional investors.

About Patterson-UTI Energy (NASDAQ:PTEN)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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