Patterson-UTI Energy (NASDAQ:PTEN) Trading Down 16% – Here’s What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price traded down 16% on Thursday . The company traded as low as $7.25 and last traded at $7.19. 1,526,245 shares traded hands during trading, a decline of 82% from the average session volume of 8,302,349 shares. The stock had previously closed at $8.56.

Wall Street Analysts Forecast Growth

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

Patterson-UTI Energy Price Performance

The firm has a market capitalization of $2.66 billion, a PE ratio of -2.83 and a beta of 1.99. The company has a fifty day moving average price of $8.28 and a two-hundred day moving average price of $8.21. The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, March 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.64%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.96%.

Insiders Place Their Bets

In related news, 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 sale, the director now directly owns 85,475 shares of the company’s stock, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the transaction, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This represents a 1.02 % increase in their position. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently added to or reduced their stakes in the company. Citigroup Inc. grew its holdings in Patterson-UTI Energy by 50.7% in the 3rd quarter. Citigroup Inc. now owns 492,472 shares of the oil and gas company’s stock worth $3,767,000 after buying an additional 165,710 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Patterson-UTI Energy by 34.2% during the third quarter. BNP Paribas Financial Markets now owns 355,713 shares of the oil and gas company’s stock valued at $2,721,000 after buying an additional 90,691 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Patterson-UTI Energy by 2.8% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 761,091 shares of the oil and gas company’s stock worth $5,822,000 after purchasing an additional 20,448 shares during the period. Verition Fund Management LLC grew its holdings in shares of Patterson-UTI Energy by 58.8% during the third quarter. Verition Fund Management LLC now owns 154,232 shares of the oil and gas company’s stock valued at $1,180,000 after buying an additional 57,115 shares in the last quarter. Finally, Holocene Advisors LP lifted its position in shares of Patterson-UTI Energy by 43.9% in the third quarter. Holocene Advisors LP now owns 968,585 shares of the oil and gas company’s stock worth $7,410,000 after purchasing an additional 295,663 shares in the last quarter. 97.91% of the stock is currently owned by 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.