Patterson-UTI Energy (NASDAQ:PTEN) Stock Crosses Below 50 Day Moving Average – Here’s What Happened

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) crossed below its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $11.88 and traded as low as $11.77. Patterson-UTI Energy shares last traded at $11.7860, with a volume of 11,805,857 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PTEN shares. Citigroup reduced their price objective on shares of Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating for the company in a report on Friday, October 2nd. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target for the company in a research report on Friday, July 31st. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Morgan Stanley lifted their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company an “equal weight” rating in a report on Monday. Finally, Weiss Ratings upgraded Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.91.

Patterson-UTI Energy Trading Down 11.5%

The business has a 50 day moving average of $11.88 and a 200 day moving average of $10.54. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -196.43 and a beta of 0.77.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. The company’s revenue was up 14.1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.10) earnings per share. As a group, research analysts predict that Patterson-UTI Energy, Inc. will post 0.01 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Tuesday, December 1st. Patterson-UTI Energy’s payout ratio is -666.67%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the stock in a transaction dated 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 represents a 17.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James Stewart sold 207,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,027,000 shares of company stock valued at $12,698,780 over the last 90 days. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Patterson-UTI Energy in the second quarter valued at $577,234,000. Dimensional Fund Advisors LP lifted its position in Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after buying an additional 2,745,872 shares in the last quarter. Principal Financial Group Inc. lifted its position in Patterson-UTI Energy by 11.0% during the 1st quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock worth $102,347,000 after buying an additional 934,766 shares in the last quarter. Webs Creek Capital Management LP bought a new stake in Patterson-UTI Energy during the 2nd quarter worth about $53,729,934. Finally, Bank of America Corp DE boosted its stake in shares of Patterson-UTI Energy by 10.9% during the 1st quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company’s stock worth $52,581,000 after buying an additional 475,623 shares during the last quarter. Institutional investors and hedge funds 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.