Patterson-UTI Energy (NASDAQ:PTEN) Trading Down 5.1%

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Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s stock price dropped 5.1% during trading on Wednesday . The company traded as low as $8.50 and last traded at $8.58, approximately 3,085,000 shares were traded during mid-day trading. A decline of 24% from the average daily volume of 4,037,799 shares. The stock had previously closed at $9.04.

PTEN has been the topic of a number of analyst reports. ValuEngine raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Piper Jaffray Companies reduced 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. UBS Group set a $17.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, July 26th. Scotiabank lowered shares of Patterson-UTI Energy from a “sector outperform” rating to a “sector perform” rating and set a $9.00 price objective on the stock. in a research note on Wednesday, August 7th. Finally, Raymond James set a $17.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, July 26th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $12.19.

The firm has a market capitalization of $1.78 billion, a P/E ratio of -25.24 and a beta of 1.58. The company’s 50 day moving average is $8.57 and its 200-day moving average is $10.24. The company has a quick ratio of 1.46, a current ratio of 1.54 and a debt-to-equity ratio of 0.34.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.03. The business had revenue of $598.50 million for the quarter, compared to analyst estimates of $604.66 million. Patterson-UTI Energy had a negative net margin of 19.50% and a negative return on equity of 3.85%. Patterson-UTI Energy’s revenue was down 31.0% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.10) earnings per share. On average, analysts predict that Patterson-UTI Energy, Inc. will post -0.97 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Thursday, December 5th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a yield of 1.86%. The ex-dividend date of this dividend is Wednesday, December 4th. Patterson-UTI Energy’s dividend payout ratio is presently -47.06%.

In related news, Director Janeen S. Judah sold 5,000 shares of the stock in a transaction 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 SEC, which can be accessed through this hyperlink. Also, Director Curtis W. Huff bought 25,000 shares of the business’s 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 purchase, the director now owns 162,817 shares of the company’s stock, valued at $1,315,561.36. The disclosure for this purchase can be found here. 4.00% of the stock is owned by corporate insiders.

Several institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA raised its holdings in shares of Patterson-UTI Energy by 44.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 9,950,536 shares of the oil and gas company’s stock valued at $85,078,000 after purchasing an additional 3,069,809 shares during the last quarter. Carillon Tower Advisers Inc. increased its holdings in Patterson-UTI Energy by 74.7% during the third quarter. Carillon Tower Advisers Inc. now owns 2,076,415 shares of the oil and gas company’s stock worth $17,753,000 after buying an additional 887,790 shares during the last quarter. SG Americas Securities LLC increased its holdings in Patterson-UTI Energy by 2.4% during the third quarter. SG Americas Securities LLC now owns 45,799 shares of the oil and gas company’s stock worth $392,000 after buying an additional 1,085 shares during the last quarter. Kahn Brothers Group Inc. DE increased its holdings in Patterson-UTI Energy by 37.3% during the third quarter. Kahn Brothers Group Inc. DE now owns 2,703,393 shares of the oil and gas company’s stock worth $23,114,000 after buying an additional 733,883 shares during the last quarter. Finally, Keybank National Association OH increased its holdings in Patterson-UTI Energy by 32.0% during the third quarter. Keybank National Association OH now owns 72,378 shares of the oil and gas company’s stock worth $619,000 after buying an additional 17,558 shares during the last quarter. 98.00% 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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