Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down – Here’s What Happened

by · The Markets Daily

Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $6.32, but opened at $6.10. Patterson-UTI Energy shares last traded at $6.1650, with a volume of 1,546,774 shares traded.

Wall Street Analyst Weigh In

PTEN has been the topic of several research reports. Barclays restated an “equal weight” rating and set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research report on Monday, October 13th. Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 target price (down previously from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday. Finally, Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. Three equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $7.28.

Read Our Latest Stock Analysis on Patterson-UTI Energy

Patterson-UTI Energy Stock Performance

The firm has a market cap of $2.37 billion, a PE ratio of -17.38 and a beta of 0.77. The firm’s 50 day simple moving average is $5.95 and its 200 day simple moving average is $5.87. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38.

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

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.1%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -88.89%.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the business. Nordea Investment Management AB purchased a new position in Patterson-UTI Energy during the 2nd quarter worth $3,847,000. AXQ Capital LP purchased a new stake in Patterson-UTI Energy in the second quarter worth about $577,000. MetLife Investment Management LLC grew its holdings in Patterson-UTI Energy by 405.2% during the 1st quarter. MetLife Investment Management LLC now owns 1,174,959 shares of the oil and gas company’s stock worth $9,658,000 after acquiring an additional 942,400 shares in the last quarter. American Century Companies Inc. boosted its position in Patterson-UTI Energy by 23.4% during the 2nd quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock valued at $85,769,000 after acquiring an additional 2,746,159 shares in the last quarter. Finally, Vise Technologies Inc. purchased a new position in Patterson-UTI Energy in the second quarter valued at about $353,000. Institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

(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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