Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Up - Time to Buy?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $6.35, but opened at $6.63. Patterson-UTI Energy shares last traded at $6.65, with a volume of 1,919,980 shares.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of research analyst reports. Citigroup reissued a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research note on Monday, May 19th. JPMorgan Chase & Co. decreased their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. The Goldman Sachs Group lowered their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Susquehanna cut their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a report on Wednesday, June 4th. Finally, Barclays decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Patterson-UTI Energy has a consensus rating of "Hold" and a consensus target price of $9.50.

Patterson-UTI Energy Stock Down 1.5%

The company has a current ratio of 1.54, a quick ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm has a market cap of $2.48 billion, a PE ratio of -2.60 and a beta of 1.31. The business's 50-day simple moving average is $5.90 and its 200 day simple moving average is $7.37.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.04. The firm had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.18 billion. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The company's quarterly revenue was down 15.2% on a year-over-year basis. During the same period last year, the firm earned $0.15 earnings per share. As a group, equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Monday, June 2nd will be issued a $0.08 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.98%. Patterson-UTI Energy's dividend payout ratio is presently -12.31%.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the transaction, the director now owns 999,754 shares in the company, valued at $5,978,528.92. The trade was a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in Patterson-UTI Energy in the fourth quarter valued at about $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Patterson-UTI Energy in the fourth quarter worth about $42,000. Smartleaf Asset Management LLC grew its stake in shares of Patterson-UTI Energy by 43.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock worth $46,000 after acquiring an additional 1,717 shares during the last quarter. Finally, State of Wyoming purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth about $54,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.