Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down – Here’s What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) gapped down before the market opened on Monday . The stock had previously closed at $11.49, but opened at $10.70. Patterson-UTI Energy shares last traded at $10.8350, with a volume of 923,526 shares trading hands.

Wall Street Analyst Weigh In

PTEN has been the subject of several research reports. Morgan Stanley upped their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research report on Monday, April 20th. Finally, Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target of $12.30.

Patterson-UTI Energy Stock Performance

The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The business’s fifty day simple moving average is $11.42 and its 200-day simple moving average is $9.07. The firm has a market capitalization of $4.09 billion, a PE ratio of -34.77 and a beta of 0.61.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

Insider Activity

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. This represents a 8.14% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, the director owned 77,462 shares of the company’s stock, valued at $952,007.98. This represents a 11.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,007,844 shares of company stock worth $11,922,302. 2.20% of the stock is owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors have recently bought and sold shares of PTEN. Royal Bank of Canada lifted its position in Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after buying an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Patterson-UTI Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock valued at $1,904,000 after buying an additional 10,142 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after acquiring an additional 220,422 shares in the last quarter. United Services Automobile Association bought a new stake in shares of Patterson-UTI Energy in the first quarter valued at about $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after acquiring an additional 30,217 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.