Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s stock price was down 4.4% during trading on Thursday . The stock traded as low as $6.81 and last traded at $6.81. Approximately 9,066 shares were traded during mid-day trading, a decline of 100% from the average daily volume of 2,557,843 shares. The stock had previously closed at $7.12.

Several equities research analysts recently commented on PTEN shares. Morgan Stanley upped their price target on shares of Patterson-UTI Energy from $5.50 to $7.50 and gave the company an “equal weight” rating in a research report on Wednesday, March 31st. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their target price on shares of Patterson-UTI Energy from $3.00 to $6.00 in a research report on Tuesday, December 15th. Atb Cap Markets upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “sector perform” rating in a research report on Wednesday, December 9th. Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Wednesday, January 6th. Finally, Smith Barney Citigroup increased their target price on shares of Patterson-UTI Energy from $3.00 to $6.00 in a research report on Tuesday, December 15th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $4.48.

The company’s 50 day moving average price is $7.72 and its 200 day moving average price is $5.35. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -1.72 and a beta of 3.20. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.89 and a current ratio of 2.02.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, February 4th. The oil and gas company reported ($0.57) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.62) by $0.05. Patterson-UTI Energy had a negative net margin of 56.10% and a negative return on equity of 16.24%. The company had revenue of $220.80 million for the quarter, compared to analyst estimates of $217.04 million. During the same quarter in the prior year, the business posted ($0.44) EPS. Patterson-UTI Energy’s quarterly revenue was down 55.1% on a year-over-year basis. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -2.28 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 18th. Stockholders of record on Thursday, March 4th were paid a dividend of $0.02 per share. The ex-dividend date of this dividend was Wednesday, March 3rd. This represents a $0.08 annualized dividend and a dividend yield of 1.15%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -8.08%.

A number of large investors have recently bought and sold shares of the stock. BlackRock Inc. grew its stake in Patterson-UTI Energy by 4.2% in the 4th quarter. BlackRock Inc. now owns 29,143,312 shares of the oil and gas company’s stock valued at $153,294,000 after buying an additional 1,172,362 shares during the last quarter. Wells Fargo & Company MN grew its stake in Patterson-UTI Energy by 1.4% in the 4th quarter. Wells Fargo & Company MN now owns 7,015,868 shares of the oil and gas company’s stock valued at $36,903,000 after buying an additional 98,053 shares during the last quarter. Van ECK Associates Corp grew its stake in Patterson-UTI Energy by 12.6% in the 4th quarter. Van ECK Associates Corp now owns 3,951,687 shares of the oil and gas company’s stock valued at $20,786,000 after buying an additional 442,196 shares during the last quarter. Norges Bank acquired a new position in Patterson-UTI Energy in the 4th quarter valued at $12,842,000. Finally, JPMorgan Chase & Co. grew its stake in Patterson-UTI Energy by 214.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,050,270 shares of the oil and gas company’s stock valued at $10,784,000 after buying an additional 1,398,864 shares during the last quarter. Institutional investors and hedge funds own 94.50% of the company’s stock.

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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, and West Virginia.

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