Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Down – Here’s What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price gapped down prior to trading on Monday . The stock had previously closed at $10.20, but opened at $9.83. Patterson-UTI Energy shares last traded at $9.91, with a volume of 580,602 shares changing hands.

Analysts Set New Price Targets

Several research firms recently commented on PTEN. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Piper Sandler upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price objective for the company in a research report on Tuesday, July 14th. Barclays upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $10.00 to $15.00 in a research note on Thursday, May 7th. Citigroup dropped their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research note on Monday, June 29th. Finally, Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Nine research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.15.

Patterson-UTI Energy Stock Performance

The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of -31.40 and a beta of 0.62. The stock’s 50 day moving average price is $10.61 and its two-hundred day moving average price is $9.84.

Insider Buying and Selling

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction on Friday, May 1st. The stock was sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the completion of the transaction, the chief executive officer owned 2,823,103 shares of the company’s stock, valued at $33,453,770.55. The trade was a 8.14% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the transaction, the director owned 1,190,248 shares of the company’s stock, valued at $14,330,585.92. This trade represents a 21.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 in the last 90 days. 2.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PTEN. Lazard Asset Management LLC lifted its position in shares of Patterson-UTI Energy by 6.2% in the first quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after acquiring an additional 1,255 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 11.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after purchasing an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its stake in shares of Patterson-UTI Energy by 21.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 1,547 shares during the last quarter. Sage Rhino Capital LLC grew its holdings in shares of Patterson-UTI Energy by 6.6% during the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after buying an additional 1,575 shares in the last quarter. Finally, Assetmark Inc. raised its position in shares of Patterson-UTI Energy by 8.1% in the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock valued at $258,000 after buying an additional 1,786 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.