Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Down 4.1% – What’s Next?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s stock price traded down 4.1% on Tuesday. The stock traded as low as $11.58 and last traded at $11.5530. Approximately 1,151,067 shares changed hands during trading, a decline of 88% from the average session volume of 9,520,760 shares. The stock had previously closed at $12.05.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on PTEN shares. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Susquehanna boosted their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a report on Monday, August 3rd. UBS Group began coverage on Patterson-UTI Energy in a research report on Friday, October 2nd. They issued a “neutral” rating and a $13.00 target price on the stock. Barclays raised their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Finally, Citigroup dropped their price target on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a research note on Friday, October 2nd. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $13.14.

Patterson-UTI Energy Stock Down 3.8%

The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $4.42 billion, a PE ratio of -50.43 and a beta of 0.77. The business’s 50-day simple moving average is $11.80 and its 200-day simple moving average is $11.08.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the transaction, the director owned 928,773 shares in the company, valued at approximately $11,934,733.05. This trade represents a 17.60% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Seth Wexler sold 120,000 shares of the business’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president directly owned 404,582 shares of the company’s stock, valued at approximately $5,158,420.50. This trade represents a 22.88% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 1,027,000 shares of company stock valued at $12,698,780. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several hedge funds and other institutional investors have recently bought and sold shares of PTEN. BlackRock Inc. purchased a new position in Patterson-UTI Energy during the second quarter valued at approximately $577,234,000. Dimensional Fund Advisors LP boosted its position in Patterson-UTI Energy by 14.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after purchasing an additional 2,745,872 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Patterson-UTI Energy by 11.0% during the 1st quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock worth $102,347,000 after purchasing an additional 934,766 shares during the period. Webs Creek Capital Management LP acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $53,729,934. Finally, Bank of America Corp DE purchased a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at approximately $52,132,000. 97.91% of the stock is owned by institutional investors and hedge funds.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.