Patterson-UTI Energy (NASDAQ:PTEN) Shares Down 5.1%

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price fell 5.1% during trading on Friday . The stock traded as low as $8.18 and last traded at $8.49, 6,470,441 shares were traded during mid-day trading. An increase of 105% from the average session volume of 3,150,790 shares. The stock had previously closed at $8.95.

Several research firms have recently issued reports on PTEN. Sanford C. Bernstein began coverage on shares of Patterson-UTI Energy in a research report on Monday, January 13th. They set an “underperform” rating and a $7.50 price objective on the stock. Wolfe Research set a $11.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday, October 25th. Bank of America lowered shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research report on Tuesday, October 8th. Bernstein Bank started coverage on shares of Patterson-UTI Energy in a report on Tuesday, January 14th. They issued an “underperform” rating and a $7.50 price target on the stock. Finally, Barclays reiterated a “hold” rating and issued a $9.00 price target on shares of Patterson-UTI Energy in a research note on Friday, October 25th. Eight equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus target price of $10.87.

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.54 and a quick ratio of 1.46. The stock has a market capitalization of $1.74 billion, a PE ratio of -3.24 and a beta of 1.69. The firm has a fifty day moving average price of $10.12 and a two-hundred day moving average price of $9.45.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.03. The firm had revenue of $598.50 million during the quarter, compared to analyst estimates of $604.66 million. Patterson-UTI Energy had a negative net margin of 19.50% and a negative return on equity of 3.85%. The business’s revenue was down 31.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.10) earnings per share. On average, research analysts expect that Patterson-UTI Energy, Inc. will post -0.99 earnings per share for the current fiscal year.

In related news, Director Terry H. Hunt sold 5,900 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $10.49, for a total value of $61,891.00. Following the transaction, the director now owns 91,670 shares of the company’s stock, valued at $961,618.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.00% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. New York State Teachers Retirement System lifted its position in shares of Patterson-UTI Energy by 0.9% during the 4th quarter. New York State Teachers Retirement System now owns 267,203 shares of the oil and gas company’s stock valued at $2,806,000 after buying an additional 2,392 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its holdings in Patterson-UTI Energy by 165.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,138 shares of the oil and gas company’s stock valued at $32,000 after purchasing an additional 1,955 shares in the last quarter. Zeke Capital Advisors LLC grew its position in shares of Patterson-UTI Energy by 30.2% in the fourth quarter. Zeke Capital Advisors LLC now owns 100,913 shares of the oil and gas company’s stock valued at $1,060,000 after purchasing an additional 23,381 shares during the period. Man Group plc acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $3,930,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Patterson-UTI Energy during the third quarter worth about $599,000. 98.00% of the stock is currently owned by institutional investors and hedge funds.

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 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, West Virginia, and western Canada.

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