Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price rose 1.5% during mid-day trading on Thursday . The company traded as high as $12.78 and last traded at $12.87. Approximately 199,249 shares changed hands during mid-day trading, a decline of 96% from the average daily volume of 4,669,459 shares. The stock had previously closed at $12.68.

A number of brokerages have recently weighed in on PTEN. BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Friday, October 26th. ValuEngine downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. Wolfe Research assumed coverage on Patterson-UTI Energy in a research note on Wednesday, October 10th. They issued a “peer perform” rating for the company. Bank of America assumed coverage on Patterson-UTI Energy in a research report on Wednesday, October 17th. They issued a “buy” rating on the stock. Finally, Piper Jaffray Companies set a $22.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, October 5th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $22.27.

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.54 and a current ratio of 1.66. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of -15.90 and a beta of 1.20.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 25th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.12) by $0.02. The company had revenue of $867.48 million for the quarter, compared to analysts’ expectations of $839.65 million. Patterson-UTI Energy had a net margin of 2.27% and a negative return on equity of 2.29%. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.43 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th were paid a $0.04 dividend. The ex-dividend date was Wednesday, December 5th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.26%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -20.00%.

In other news, Director Curtis W. Huff bought 20,000 shares of the stock in a transaction dated Wednesday, December 26th. The stock was purchased at an average price of $10.14 per share, for a total transaction of $202,800.00. Following the acquisition, the director now owns 113,304 shares of the company’s stock, valued at $1,148,902.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.70% of the company’s stock.

Several institutional investors have recently modified their holdings of PTEN. Alliancebernstein L.P. lifted its stake in Patterson-UTI Energy by 237.0% during the 3rd quarter. Alliancebernstein L.P. now owns 4,301,105 shares of the oil and gas company’s stock valued at $73,592,000 after acquiring an additional 3,024,974 shares during the period. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Patterson-UTI Energy by 39.1% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 7,002,153 shares of the oil and gas company’s stock worth $119,807,000 after buying an additional 1,969,498 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Patterson-UTI Energy by 51.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,956,667 shares of the oil and gas company’s stock valued at $67,699,000 after purchasing an additional 1,350,950 shares during the period. Point72 Asset Management L.P. grew its holdings in shares of Patterson-UTI Energy by 28.9% in the third quarter. Point72 Asset Management L.P. now owns 4,250,500 shares of the oil and gas company’s stock valued at $72,726,000 after purchasing an additional 954,047 shares during the period. Finally, Federated Investors Inc. PA lifted its position in Patterson-UTI Energy by 990.1% in the third quarter. Federated Investors Inc. PA now owns 998,638 shares of the oil and gas company’s stock valued at $17,087,000 after buying an additional 907,032 shares during the last quarter. 95.62% of the stock is currently owned by hedge funds and other institutional investors.

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Patterson-UTI Energy Company Profile (NASDAQ:PTEN)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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