Patterson-UTI Energy (NASDAQ:PTEN) Hits New 52-Week Low – What’s Next?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price reached a new 52-week low during trading on Tuesday . The stock traded as low as $7.12 and last traded at $7.20, with a volume of 1489511 shares. The stock had previously closed at $7.49.

Analyst Ratings Changes

A number of research firms recently weighed in on PTEN. Raymond James lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $11.00 to $10.00 in a research note on Friday, December 13th. Finally, Stifel Nicolaus dropped their price target on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $11.63.

Patterson-UTI Energy Price Performance

The company has a market cap of $2.92 billion, a price-to-earnings ratio of -3.05 and a beta of 2.06. The company has a fifty day simple moving average of $8.53 and a two-hundred day simple moving average of $8.32. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be paid a $0.08 dividend. The ex-dividend date is Monday, March 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 4.24%. Patterson-UTI Energy’s payout ratio is -12.96%.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction that occurred on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the transaction, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the sale, the director now directly owns 32,438 shares of the company’s stock, valued at $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of large investors have recently bought and sold shares of the stock. ARGA Investment Management LP grew its holdings in shares of Patterson-UTI Energy by 421.0% during the 4th quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after purchasing an additional 8,254,137 shares during the period. Fuller & Thaler Asset Management Inc. grew its stake in Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock worth $140,046,000 after buying an additional 7,989,877 shares during the period. Norges Bank acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter worth $52,817,000. Pacer Advisors Inc. raised its stake in shares of Patterson-UTI Energy by 35.9% in the 3rd quarter. Pacer Advisors Inc. now owns 19,972,894 shares of the oil and gas company’s stock valued at $152,793,000 after acquiring an additional 5,275,525 shares during the period. Finally, Freestone Grove Partners LP acquired a new position in shares of Patterson-UTI Energy during the 4th quarter valued at $14,403,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.