Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Sells $588,800.00 in Stock

by · The Markets Daily

Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the transaction, the director now directly owns 32,438 shares in the company, valued at $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Patterson-UTI Energy Stock Up 5.3 %

Patterson-UTI Energy stock opened at $7.68 on Friday. The firm has a 50 day simple moving average of $8.03 and a 200 day simple moving average of $8.89. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy, Inc. has a 1-year low of $7.15 and a 1-year high of $12.65. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of -3.51 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 4.17%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio is presently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of large investors have recently modified their holdings of the company. State Street Corp lifted its stake in Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. purchased a new stake in shares of Patterson-UTI Energy in the second quarter worth $495,000. Grace & White Inc. NY boosted its stake in Patterson-UTI Energy by 668.6% during the third quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock valued at $2,140,000 after buying an additional 243,368 shares during the period. Signaturefd LLC grew its position in Patterson-UTI Energy by 64.5% during the third quarter. Signaturefd LLC now owns 18,963 shares of the oil and gas company’s stock worth $145,000 after buying an additional 7,432 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Patterson-UTI Energy by 12.1% in the 3rd quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company’s stock worth $6,740,000 after acquiring an additional 95,289 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of recent research reports. ATB Capital dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. The Goldman Sachs Group raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $11.00 to $10.00 in a report on Friday, December 13th. StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Finally, Citigroup cut their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.71.

Get Our Latest Stock Analysis on Patterson-UTI Energy

Patterson-UTI Energy Company Profile

(Get Free Report)

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.

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