Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Down 4.4% – Here’s What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares traded down 4.4% during mid-day trading on Wednesday . The stock traded as low as $12.22 and last traded at $12.1450. Approximately 743,730 shares changed hands during trading, a decline of 92% from the average daily volume of 9,801,393 shares. The stock had previously closed at $12.71.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Citigroup boosted their price objective on Patterson-UTI Energy from $10.50 to $13.50 and gave the stock a “neutral” rating in a research report on Friday, September 4th. Susquehanna upped their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, August 3rd. Royal Bank Of Canada lifted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. Finally, JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $13.25.

Patterson-UTI Energy Price Performance

The firm has a market capitalization of $4.70 billion, a PE ratio of -53.54 and a beta of 0.66. 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 fifty day moving average price of $11.12 and a two-hundred day moving average price of $10.85.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend was Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is presently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, EVP Seth Wexler sold 120,000 shares of the stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the completion of the sale, the executive vice president owned 404,582 shares in the company, valued at $5,158,420.50. This represents a 22.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James Stewart sold 207,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 777,000 shares of company stock worth $9,721,280 in the last 90 days. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of large investors have recently modified their holdings of PTEN. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at about $32,000. Rockefeller Capital Management L.P. lifted its position in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 4,299 shares during the period. Nykredit A S purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $56,000. Global Retirement Partners LLC grew its holdings in shares of Patterson-UTI Energy by 4,765.4% in the 4th quarter. Global Retirement Partners LLC now owns 10,120 shares of the oil and gas company’s stock worth $62,000 after acquiring an additional 9,912 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Patterson-UTI Energy by 268,475.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 10,743 shares of the oil and gas company’s stock worth $66,000 after purchasing an additional 10,739 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy-services company that provides drilling, completion, and production-related services to oil and natural gas operators. Its operations support the development of unconventional and other onshore energy resources, primarily in North America.

The company’s offerings include contract land drilling, pressure pumping, well completion services, directional drilling, downhole tools, and related drilling technologies. Patterson-UTI also provides equipment, technical services, and other solutions used throughout the well-construction and completion process.

Patterson-UTI traces its history to the late 1970s and expanded its service platform through acquisitions and strategic combinations.