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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 80,000 shares of the stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the sale, the director now 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Patterson-UTI Energy Trading Up 5.3 %

Shares of Patterson-UTI Energy stock traded up $0.39 during trading on Friday, hitting $7.68. The company’s stock had a trading volume of 30,150,032 shares, compared to its average volume of 7,382,606. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -3.51 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy, Inc. has a 52 week low of $7.15 and a 52 week high of $12.65. The stock has a 50-day moving average price of $8.03 and a two-hundred day moving average price of $8.89.

Patterson-UTI Energy Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in PTEN. CIBC Asset Management Inc raised its holdings in Patterson-UTI Energy by 7.2% during the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after purchasing an additional 1,501 shares during the last quarter. KBC Group NV lifted its holdings in Patterson-UTI Energy by 18.5% in the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock valued at $84,000 after buying an additional 1,723 shares during the period. Sage Rhino Capital LLC raised its position in shares of Patterson-UTI Energy by 15.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after acquiring an additional 1,724 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of Patterson-UTI Energy by 10.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after purchasing an additional 1,879 shares during the period. Finally, Blue Trust Inc. boosted its position in shares of Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock valued at $73,000 after purchasing an additional 1,901 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

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.