Patterson-UTI Energy (NASDAQ:PTEN) Shares Down 11.1% Following Analyst Downgrade

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) traded down 11.1% during mid-day trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $11.00 to $8.00. The Goldman Sachs Group currently has a neutral rating on the stock. Patterson-UTI Energy traded as low as $5.71 and last traded at $5.83. 1,127,783 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 8,498,093 shares. The stock had previously closed at $6.56.

Several other analysts also recently issued reports on PTEN. Morgan Stanley decreased their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday, January 6th. Finally, Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $11.38.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 48,149 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the transaction, the director now directly owns 85,475 shares in the company, valued at $634,224.50. This represents a 36.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of Patterson-UTI Energy 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 sale, the director now directly owns 1,549,081 shares of the company’s stock, valued at $13,771,330.09. This represents a 12.93 % decrease in their position. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently modified their holdings of the business. WFA Asset Management Corp bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 3,218 shares in the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $42,000. Finally, Smartleaf Asset Management LLC increased its position in Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after buying an additional 1,717 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

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 company has a market capitalization of $2.23 billion, a PE ratio of -2.33 and a beta of 1.60. The business has a 50 day simple moving average of $7.85 and a 200 day simple moving average of $8.06.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.56%. The ex-dividend date of this dividend was Monday, March 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -12.96%.

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.