Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Up - Here's What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report)'s share price gapped up before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Citigroup restated a "neutral" rating and issued a $6.50 target price on shares of Patterson-UTI Energy in a report on Monday, May 19th. Stifel Nicolaus reduced their target price on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Barclays reduced their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Morgan Stanley dropped their price target on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Finally, The Goldman Sachs Group dropped their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. One equities 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 data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $9.50.

Patterson-UTI Energy Trading Up 2.8%

The firm has a market capitalization of $2.52 billion, a P/E ratio of -2.64 and a beta of 1.31. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The business has a 50-day moving average price of $5.90 and a 200-day moving average price of $7.38.

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

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.90%. The ex-dividend date is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is -12.31%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the transaction, the director now owns 999,754 shares of the company's stock, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Patterson-UTI Energy by 89.1% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock worth $140,046,000 after acquiring an additional 7,989,877 shares in the last quarter. ARGA Investment Management LP grew its holdings in shares of Patterson-UTI Energy by 25.2% during the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company's stock worth $105,089,000 after buying an additional 2,569,713 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Patterson-UTI Energy by 21.6% during the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company's stock worth $96,317,000 after buying an additional 2,080,960 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Patterson-UTI Energy by 31.2% during the fourth quarter. Van ECK Associates Corp now owns 7,321,667 shares of the oil and gas company's stock worth $60,477,000 after buying an additional 1,743,241 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Patterson-UTI Energy during the fourth quarter worth about $52,817,000. Institutional investors own 97.91% of the company's stock.

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.