Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Up 4.9% – What’s Next?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s stock price traded up 4.9% during mid-day trading on Thursday . The stock traded as high as $6.23 and last traded at $6.12. 5,816,371 shares were traded during mid-day trading, a decline of 33% from the average session volume of 8,649,358 shares. The stock had previously closed at $5.83.

Analysts Set New Price Targets

Several brokerages have recently commented on PTEN. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday. Susquehanna decreased their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday. The Goldman Sachs Group cut their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Morgan Stanley dropped their price target on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Finally, Raymond James lowered Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $11.21.

Patterson-UTI Energy Stock Up 6.3 %

The firm has a 50 day simple moving average of $7.69 and a two-hundred day simple moving average of $8.02. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $2.39 billion, a P/E ratio of -2.50 and a beta of 1.60.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, March 3rd were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.17%. The ex-dividend date was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio is presently -12.96%.

Insider Transactions at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the completion of the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. This trade represents a 1.02 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the firm’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 completion of the transaction, the director now owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This trade represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. Atria Investments Inc lifted its holdings in Patterson-UTI Energy by 3.7% during the 4th quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company’s stock worth $288,000 after buying an additional 1,252 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in Patterson-UTI Energy by 31.4% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 1,358 shares during the last quarter. Avantax Advisory Services Inc. lifted its position in shares of Patterson-UTI Energy by 10.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock worth $130,000 after purchasing an additional 1,436 shares during the period. Summit Investment Advisors Inc. lifted its position in shares of Patterson-UTI Energy by 4.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock worth $336,000 after purchasing an additional 1,596 shares during the period. Finally, Smartleaf Asset Management LLC increased its position in shares of Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after buying an additional 1,717 shares during the period. 97.91% of the stock is currently 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.