Patterson-UTI Energy (NASDAQ:PTEN) Shares Up 21%

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price shot up 21% during mid-day trading on Monday . The stock traded as high as $11.19 and last traded at $11.02, 10,437,105 shares changed hands during mid-day trading. An increase of 161% from the average session volume of 3,997,756 shares. The stock had previously closed at $9.11.

Several brokerages have recently issued reports on PTEN. Wells Fargo & Co downgraded shares of Patterson-UTI Energy from a “market perform” rating to an “underperform” rating in a research note on Thursday. Seaport Global Securities set a $16.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Wednesday, September 4th. UBS Group set a $17.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, July 26th. AltaCorp Capital restated an “outperform” rating on shares of Patterson-UTI Energy in a research note on Thursday, June 20th. Finally, Morgan Stanley lowered their price objective 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 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. The company presently has a consensus rating of “Buy” and a consensus price target of $14.43.

The company has a debt-to-equity ratio of 0.35, a current ratio of 1.91 and a quick ratio of 1.76. The stock’s 50 day simple moving average is $9.17 and its two-hundred day simple moving average is $11.84. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of -32.41 and a beta of 1.52.



Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, topping 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 firm had revenue of $675.77 million for the quarter, compared to the consensus estimate of $670.28 million. During the same quarter in the previous year, the company earned ($0.05) earnings per share. The business’s revenue was down 20.9% compared to the same quarter last year. As a group, analysts predict that Patterson-UTI Energy, Inc. will post -0.9 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 19th. Shareholders of record on Thursday, September 5th will be paid a dividend of $0.04 per share. The ex-dividend date is Wednesday, September 4th. This represents a $0.16 dividend on an annualized basis and a yield of 1.45%. Patterson-UTI Energy’s dividend payout ratio is currently -47.06%.

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

Large investors have recently modified their holdings of the company. Quantamental Technologies LLC boosted its stake in shares of Patterson-UTI Energy by 173.2% in the 2nd 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 in the last quarter. Machina Capital S.A.S. boosted its stake in shares of Patterson-UTI Energy by 1,559.1% in the 2nd 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 in the last quarter. KBC Group NV acquired a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at $78,000. M&T Bank Corp acquired a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at $122,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Patterson-UTI Energy in the 2nd quarter valued at $143,000. Institutional investors own 98.26% of the company’s stock.

About Patterson-UTI Energy (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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