Patterson-UTI Energy (NASDAQ:PTEN) Trading Down 5.4% – What’s Next?

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) dropped 5.4% during trading on Wednesday . The company traded as low as $10.41 and last traded at $10.2440. Approximately 988,598 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 11,187,270 shares. The stock had previously closed at $10.83.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PTEN. Royal Bank Of Canada lifted their price target on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. The Goldman Sachs Group increased their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Citigroup lifted their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Finally, Stifel Nicolaus increased their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $8.11.

Patterson-UTI Energy Stock Performance

The firm’s fifty day moving average price is $9.08 and its 200 day moving average price is $7.11. The firm has a market cap of $4.03 billion, a P/E ratio of -42.44 and a beta of 0.57. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period last year, the firm earned ($0.13) earnings per share. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a dividend of $0.10 per share. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.40 annualized dividend and a yield of 3.8%. Patterson-UTI Energy’s payout ratio is -160.00%.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Quarry LP raised its holdings in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. First Horizon Corp boosted its holdings in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 2,049 shares in the last quarter. Versant Capital Management Inc grew its position in shares of Patterson-UTI Energy by 127.3% in the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after buying an additional 3,343 shares during the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Patterson-UTI Energy by 187.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after buying an additional 4,299 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $37,000. Institutional investors own 97.91% of the company’s stock.

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.