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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares gapped down before the market opened on Monday . The stock had previously closed at $10.91, but opened at $10.37. Patterson-UTI Energy shares last traded at $10.7190, with a volume of 1,369,211 shares trading hands.

Analysts Set New Price Targets

PTEN has been the topic of a number of research analyst reports. Stifel Nicolaus raised their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 6th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Royal Bank Of Canada upped their price objective on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Finally, The Goldman Sachs Group boosted their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.11.

Patterson-UTI Energy Price Performance

The business’s 50-day simple moving average is $8.40 and its two-hundred day simple moving average is $6.79. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of -42.22 and a beta of 0.71. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the prior year, the business earned ($0.13) earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date of this dividend was Monday, March 2nd. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s payout ratio is currently -160.00%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Hsbc Holdings PLC raised its holdings in Patterson-UTI Energy by 16.9% in the 4th quarter. Hsbc Holdings PLC now owns 233,137 shares of the oil and gas company’s stock valued at $1,418,000 after buying an additional 33,645 shares during the last quarter. Rockefeller Capital Management L.P. grew its holdings in Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 4,299 shares during the last quarter. Corient Private Wealth LLC grew its holdings in Patterson-UTI Energy by 50.2% during the 4th quarter. Corient Private Wealth LLC now owns 49,961 shares of the oil and gas company’s stock worth $305,000 after acquiring an additional 16,709 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its position in Patterson-UTI Energy by 268,475.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 10,743 shares of the oil and gas company’s stock valued at $66,000 after acquiring an additional 10,739 shares during the period. Finally, Alpine Global Management LLC acquired a new position in Patterson-UTI Energy in the 4th quarter valued at approximately $188,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.