Patterson-UTI Energy (NASDAQ:PTEN) Hits New 52-Week Low – What’s Next?

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reached a new 52-week low on Friday . The stock traded as low as $5.81 and last traded at $5.71, with a volume of 2895431 shares trading hands. The stock had previously closed at $6.93.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on PTEN. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the company from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Morgan Stanley dropped their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.54.

Patterson-UTI Energy Stock Down 18.3 %

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The firm has a market capitalization of $2.19 billion, a price-to-earnings ratio of -2.29 and a beta of 1.99. The firm has a fifty day moving average price of $8.18 and a 200 day moving average price of $8.18.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.65%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -12.96%.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The stock was sold at an average price of $8.89, for a total value of $2,044,700.00. Following the sale, the director now owns 1,549,081 shares in the company, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares of the company’s stock, valued at $634,224.50. The trade was a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in the business. ARGA Investment Management LP raised its position in Patterson-UTI Energy by 421.0% during the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after acquiring an additional 8,254,137 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of Patterson-UTI Energy by 89.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock worth $140,046,000 after purchasing an additional 7,989,877 shares in the last quarter. Norges Bank purchased a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $52,817,000. Pacer Advisors Inc. lifted its stake in Patterson-UTI Energy by 10.6% in the 4th quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock valued at $182,518,000 after buying an additional 2,123,659 shares in the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in Patterson-UTI Energy during the 4th quarter valued at $14,403,000. 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.