Patterson-UTI Energy (NASDAQ:PTEN) Trading 1.9% Higher – Here’s Why

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares traded up 1.9% on Friday . The stock traded as high as $8.02 and last traded at $7.97. 2,539,817 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 7,370,516 shares. The stock had previously closed at $7.82.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Citigroup dropped their price objective on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, October 31st. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Friday, October 25th. Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Finally, Barclays lowered their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $11.71.

Patterson-UTI Energy Price Performance

The firm has a market cap of $3.06 billion, a price-to-earnings ratio of -3.58 and a beta of 2.12. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The stock’s fifty day moving average price is $7.99 and its 200-day moving average price is $8.80.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is presently -14.61%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares in the company, valued at $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by corporate 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. Pacer Advisors Inc. acquired a new position in Patterson-UTI Energy during the 2nd quarter worth $152,265,000. Ninepoint Partners LP purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at $51,800,000. American Century Companies Inc. grew its position in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after buying an additional 2,191,330 shares during the last quarter. ARGA Investment Management LP raised its stake in Patterson-UTI Energy by 1,066.6% during the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock worth $15,000,000 after acquiring an additional 1,792,655 shares in the last quarter. Finally, Canoe Financial LP lifted its position in Patterson-UTI Energy by 15,942.1% in the third quarter. Canoe Financial LP now owns 1,524,000 shares of the oil and gas company’s stock valued at $11,850,000 after acquiring an additional 1,514,500 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.