Patterson-UTI Energy, Inc. (NASDAQ:PTEN) gapped down before the market opened on Tuesday . The stock had previously closed at $20.25, but opened at $19.80. Patterson-UTI Energy shares last traded at $18.98, with a volume of 6297207 shares.
Several research firms have recently commented on PTEN. SunTrust Banks upped their price target on Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, December 6th. Jefferies Group set a $25.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 9th. BMO Capital Markets upgraded Patterson-UTI Energy from a “market perform” rating to a “buy” rating in a research note on Wednesday, February 14th. Citigroup set a $24.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, Cowen restated a “market perform” rating and set a $23.00 price target (down previously from $30.00) on shares of Patterson-UTI Energy in a research note on Friday, February 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have assigned a buy rating to the stock. Patterson-UTI Energy has a consensus rating of “Buy” and a consensus target price of $26.21.
The firm has a market capitalization of $4,219.00, a price-to-earnings ratio of -129.07 and a beta of 1.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.37 and a quick ratio of 1.24.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.44%. The ex-dividend date of this dividend is Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio (DPR) is -57.14%.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.60% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the business. William Blair Investment Management LLC grew its holdings in Patterson-UTI Energy by 12.5% in the fourth quarter. William Blair Investment Management LLC now owns 35,379 shares of the oil and gas company’s stock valued at $814,000 after purchasing an additional 3,935 shares during the last quarter. MetLife Investment Advisors LLC acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at $3,686,000. Castleark Management LLC grew its holdings in Patterson-UTI Energy by 40.2% in the fourth quarter. Castleark Management LLC now owns 586,795 shares of the oil and gas company’s stock valued at $13,502,000 after purchasing an additional 168,165 shares during the last quarter. Jane Street Group LLC grew its holdings in Patterson-UTI Energy by 266.0% in the fourth quarter. Jane Street Group LLC now owns 89,289 shares of the oil and gas company’s stock valued at $2,055,000 after purchasing an additional 64,890 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at $474,000. 95.41% of the stock is currently owned by institutional investors.
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Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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