Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down to $9.15

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) gapped down prior to trading on Tuesday . The stock had previously closed at $9.59, but opened at $9.15. Patterson-UTI Energy shares last traded at $8.95, with a volume of 4,443,871 shares.

PTEN has been the subject of a number of recent analyst reports. Bank of America lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a report on Tuesday, October 8th. Scotiabank lowered shares of Patterson-UTI Energy from a “sector outperform” rating to a “sector perform” rating and set a $9.00 price target on the stock. in a report on Wednesday, August 7th. Wells Fargo & Co cut shares of Patterson-UTI Energy from a “market perform” rating to an “underperform” rating in a research report on Thursday, September 12th. Barclays reaffirmed a “hold” rating and set a $9.00 price objective on shares of Patterson-UTI Energy in a research note on Friday, October 25th. Finally, Deutsche Bank initiated coverage on shares of Patterson-UTI Energy in a report on Wednesday, November 27th. They set a “sell” rating and a $7.00 target price for the company. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $11.62.

The company has a market capitalization of $1.74 billion, a PE ratio of -26.71 and a beta of 1.66. The business’s 50-day moving average is $8.79 and its 200-day moving average is $9.77. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.46 and a current ratio of 1.54.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.03. The business had revenue of $598.50 million for the quarter, compared to analysts’ expectations of $604.66 million. Patterson-UTI Energy had a negative net margin of 19.50% and a negative return on equity of 3.85%. The business’s revenue was down 31.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) earnings per share. Analysts expect that Patterson-UTI Energy, Inc. will post -0.97 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 19th. Shareholders of record on Thursday, December 5th will be paid a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 1.76%. The ex-dividend date of this dividend is Wednesday, December 4th. Patterson-UTI Energy’s payout ratio is -47.06%.

Institutional investors have recently added to or reduced their stakes in the business. Massachusetts Financial Services Co. MA boosted its stake in Patterson-UTI Energy by 44.6% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 9,950,536 shares of the oil and gas company’s stock worth $85,078,000 after purchasing an additional 3,069,809 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Patterson-UTI Energy by 84.2% during the second quarter. Renaissance Technologies LLC now owns 6,474,948 shares of the oil and gas company’s stock valued at $74,527,000 after buying an additional 2,960,000 shares during the last quarter. Scout Investments Inc. increased its position in shares of Patterson-UTI Energy by 75.0% during the third quarter. Scout Investments Inc. now owns 3,039,548 shares of the oil and gas company’s stock valued at $25,988,000 after acquiring an additional 1,302,984 shares in the last quarter. Carillon Tower Advisers Inc. increased its position in shares of Patterson-UTI Energy by 74.7% during the third quarter. Carillon Tower Advisers Inc. now owns 2,076,415 shares of the oil and gas company’s stock valued at $17,753,000 after acquiring an additional 887,790 shares in the last quarter. Finally, Nuveen Asset Management LLC purchased a new position in Patterson-UTI Energy in the 2nd quarter worth approximately $9,870,000. 98.00% of the stock is currently owned by institutional investors and hedge funds.

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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