Patterson-UTI Energy (NASDAQ:PTEN) Shares Down 4.1% – Time to Sell?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s stock price was down 4.1% during trading on Tuesday. The company traded as low as $11.58 and last traded at $11.5530. 1,151,067 shares were traded during trading, a decline of 88% from the average session volume of 9,520,760 shares. The stock had previously closed at $12.05.

Wall Street Analyst Weigh In

PTEN has been the subject of several analyst reports. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Susquehanna boosted their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a report on Monday, August 3rd. Citigroup cut their price target on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Finally, Weiss Ratings upgraded shares of Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.14.

Patterson-UTI Energy Price Performance

The firm has a market capitalization of $4.45 billion, a PE ratio of -50.78 and a beta of 0.77. The business’s 50 day moving average is $11.83 and its two-hundred day moving average is $11.09. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.4%. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Insider Activity

In other Patterson-UTI Energy news, Director James Stewart sold 207,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the transaction, the director owned 928,773 shares in the company, valued at approximately $11,934,733.05. This trade represents a 17.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 1,027,000 shares of company stock valued at $12,698,780 in the last quarter. 2.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of large investors have recently added to or reduced their stakes in PTEN. Engineers Gate Manager LP boosted its stake in Patterson-UTI Energy by 1,002.2% in the 2nd quarter. Engineers Gate Manager LP now owns 461,819 shares of the oil and gas company’s stock worth $4,239,000 after purchasing an additional 419,919 shares in the last quarter. Convergence Investment Partners LLC bought a new stake in shares of Patterson-UTI Energy during the first quarter valued at approximately $1,325,000. The Manufacturers Life Insurance Company purchased a new position in Patterson-UTI Energy in the 2nd quarter worth approximately $2,675,000. Quantinno Capital Management LP lifted its position in Patterson-UTI Energy by 163.5% in the 1st quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock valued at $5,457,000 after acquiring an additional 312,680 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of Patterson-UTI Energy by 90.2% in the second quarter. Hsbc Holdings PLC now owns 172,117 shares of the oil and gas company’s stock worth $1,588,000 after purchasing an additional 81,640 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.