Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down – Should You Sell?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares gapped down before the market opened on Monday . The stock had previously closed at $10.20, but opened at $9.83. Patterson-UTI Energy shares last traded at $9.91, with a volume of 580,602 shares traded.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Piper Sandler upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price objective for the company in a report on Tuesday, July 14th. Royal Bank Of Canada upped their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a report on Monday, April 20th. The Goldman Sachs Group upped their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Finally, Stifel Nicolaus raised their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.15.

Patterson-UTI Energy Stock Performance

The stock has a market cap of $3.48 billion, a price-to-earnings ratio of -29.58 and a beta of 0.62. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The stock’s 50-day simple moving average is $10.47 and its 200-day simple moving average is $9.88.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $11.85, for a total value 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 trade represents a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the sale, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is owned by company insiders.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently modified their holdings of the business. Sourcerock Group LLC increased its position in shares of Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after purchasing an additional 5,551,276 shares during the period. UBS Group AG lifted its holdings in shares of Patterson-UTI Energy by 121.2% in the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock worth $50,839,000 after purchasing an additional 4,558,445 shares in the last quarter. Millennium Management LLC grew its position in Patterson-UTI Energy by 97.7% in the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock valued at $46,565,000 after purchasing an additional 4,442,700 shares during the period. Finally, Principal Financial Group Inc. grew its position in Patterson-UTI Energy by 92.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock valued at $52,030,000 after purchasing an additional 4,093,636 shares during the period. Institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.