Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down to $8.98

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares gapped down prior to trading on Friday . The stock had previously closed at $8.81, but opened at $8.98. Patterson-UTI Energy shares last traded at $9.24, with a volume of 90,391 shares changing hands.

A number of research analysts have weighed in on the stock. Seaport Global Securities set a $16.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Wednesday, September 4th. UBS Group set a $17.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, July 26th. ValuEngine raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Raymond James set a $17.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $14.43.

The company has a quick ratio of 1.76, a current ratio of 1.91 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -26.79 and a beta of 1.52. The stock’s fifty day moving average price is $9.22 and its 200-day moving average price is $11.90.



Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.04. Patterson-UTI Energy had a negative net margin of 11.64% and a negative return on equity of 2.71%. The company had revenue of $675.77 million for the quarter, compared to the consensus estimate of $670.28 million. During the same period last year, the company earned ($0.05) earnings per share. The firm’s revenue was down 20.9% compared to the same quarter last year. Analysts anticipate that Patterson-UTI Energy, Inc. will post -0.9 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 19th. Stockholders of record on Thursday, September 5th will be issued a $0.04 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.76%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -47.06%.

In other news, Director Janeen S. Judah sold 5,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the sale, the director now directly owns 27,023 shares in the company, valued at $244,558.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Curtis W. Huff acquired 25,000 shares of the stock in a transaction dated Friday, August 23rd. The stock was acquired at an average price of $8.08 per share, for a total transaction of $202,000.00. Following the completion of the acquisition, the director now directly owns 162,817 shares of the company’s stock, valued at $1,315,561.36. The disclosure for this purchase can be found here. 4.00% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 129.0% in the first quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 1,342 shares during the last quarter. Quantamental Technologies LLC raised its holdings in shares of Patterson-UTI Energy by 173.2% in the second quarter. Quantamental Technologies LLC now owns 6,041 shares of the oil and gas company’s stock valued at $70,000 after purchasing an additional 3,830 shares during the last quarter. Machina Capital S.A.S. raised its holdings in shares of Patterson-UTI Energy by 1,559.1% in the second quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock valued at $76,000 after purchasing an additional 6,174 shares during the last quarter. KBC Group NV acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $78,000. Finally, M&T Bank Corp acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $122,000. Institutional investors own 98.39% of the company’s stock.

Patterson-UTI Energy Company Profile (NASDAQ:PTEN)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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