Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down – Time to Sell?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares gapped down prior to trading on Wednesday . The stock had previously closed at $11.23, but opened at $9.94. Patterson-UTI Energy shares last traded at $9.72, with a volume of 3,956,533 shares.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of recent research reports. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Piper Sandler raised their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Citigroup increased their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. 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 report on Friday, February 6th. Finally, Susquehanna increased their price target on Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a “positive” rating in a report on Tuesday. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $8.78.

Patterson-UTI Energy Trading Down 11.9%

The firm has a market capitalization of $3.76 billion, a PE ratio of -39.64 and a beta of 0.57. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The business has a fifty day moving average price of $9.28 and a two-hundred day moving average price of $7.24.

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

Patterson-UTI Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a dividend of $0.10 per share. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date was Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 4.0%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -160.00%.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. O Shaughnessy Asset Management LLC boosted its holdings in Patterson-UTI Energy by 11.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after acquiring an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd boosted its holdings in Patterson-UTI Energy by 21.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,547 shares during the period. Sage Rhino Capital LLC boosted its holdings in Patterson-UTI Energy by 6.6% during the 4th quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock valued at $155,000 after acquiring an additional 1,575 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Patterson-UTI Energy by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after acquiring an additional 1,915 shares during the period. Finally, First Horizon Corp boosted its holdings in Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.