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 Friday . The stock had previously closed at $10.41, but opened at $9.80. Patterson-UTI Energy shares last traded at $9.3950, with a volume of 1,049,031 shares trading hands.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Piper Sandler raised their price target on shares of Patterson-UTI Energy from $9.00 to $10.00 and gave the stock a “neutral” rating in a research note on Wednesday. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Morgan Stanley boosted their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday. Finally, Citigroup raised their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $9.67.

Patterson-UTI Energy Stock Performance

The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The stock’s fifty day moving average is $9.63 and its two-hundred day moving average is $7.45. The firm has a market capitalization of $3.52 billion, a price-to-earnings ratio of -37.14 and a beta of 0.57.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The company’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.13) EPS. On average, analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 4.3%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, March 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -160.00%.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP raised its position in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares during the period. Versant Capital Management Inc raised its holdings in Patterson-UTI Energy by 127.3% in the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 3,343 shares during the period. First Horizon Corp raised its holdings in Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in Patterson-UTI Energy during the third quarter worth approximately $37,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of Patterson-UTI Energy by 187.6% during the fourth 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 period. 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.