Patterson-UTI Energy (NASDAQ:PTEN) Trading Down 6% – Time to Sell?

by · The Markets Daily

Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) shares traded down 6% during trading on Tuesday . The stock traded as low as $5.82 and last traded at $5.8450. 1,260,907 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 10,448,219 shares. The stock had previously closed at $6.22.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on PTEN shares. Zacks Research raised Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 8th. Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Royal Bank Of Canada boosted their price objective on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 target price (down previously from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Three investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.28.

Read Our Latest Report on Patterson-UTI Energy

Patterson-UTI Energy Trading Down 7.3%

The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38. The stock has a 50-day simple moving average of $6.01 and a 200 day simple moving average of $5.88. The company has a market cap of $2.19 billion, a price-to-earnings ratio of -15.99 and a beta of 0.77.

Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last announced its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%.The firm had revenue of $191.70 million during the quarter. As a group, equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.6%. The ex-dividend date was Monday, December 1st. Patterson-UTI Energy’s payout ratio is presently -88.89%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Quarry LP grew its position in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares during the period. Versant Capital Management Inc boosted its position in Patterson-UTI Energy by 127.3% during the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 3,343 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in Patterson-UTI Energy in the third quarter valued at approximately $37,000. Blue Trust Inc. increased its position in shares of Patterson-UTI Energy by 43.0% in the third quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 2,717 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after buying an additional 7,171 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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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