Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Down 3.8% - Time to Sell?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report)'s share price traded down 3.8% during mid-day trading on Tuesday . The company traded as low as $5.85 and last traded at $5.66. 424,262 shares were traded during mid-day trading, a decline of 95% from the average session volume of 8,737,799 shares. The stock had previously closed at $5.88.

Analyst Ratings Changes

PTEN has been the topic of several recent research reports. The Goldman Sachs Group reduced their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Susquehanna reduced their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating on the stock in a research note on Monday, April 14th. Morgan Stanley lowered their target price on Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating for the company in a research note on Thursday, March 27th. Stifel Nicolaus reduced their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Finally, Raymond James downgraded Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research report on Monday, January 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $11.21.

Patterson-UTI Energy Stock Down 0.2 %

The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. The stock's 50-day moving average price is $7.27 and its two-hundred day moving average price is $7.92. The stock has a market capitalization of $2.35 billion, a PE ratio of -2.47 and a beta of 1.60.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.25%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio is -12.31%.

Insider Transactions at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,482,592 shares of the company's stock, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James Carl Stewart sold 48,149 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $7.42, for a total value of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares in the company, valued at $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.30% of the company's stock.

Institutional Trading of Patterson-UTI Energy

Institutional investors and hedge funds have recently modified their holdings of the business. WFA Asset Management Corp purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in 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 acquiring an additional 3,218 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $39,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Patterson-UTI Energy in the fourth quarter worth approximately $42,000. Finally, Smartleaf Asset Management LLC raised its holdings 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 valued at $46,000 after purchasing an additional 1,717 shares during the last quarter. Institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Company Profile

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.