Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Up 6.4% - Here's What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) shot up 6.4% during mid-day trading on Tuesday . The stock traded as high as $6.48 and last traded at $6.57. 1,467,417 shares were traded during mid-day trading, a decline of 85% from the average session volume of 10,095,480 shares. The stock had previously closed at $6.17.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PTEN. 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. The Goldman Sachs Group cut their price target 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. Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Finally, Citigroup reissued a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $9.50.

Patterson-UTI Energy Stock Up 0.5%

The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of -2.52 and a beta of 1.32. The business's 50-day moving average is $6.02 and its 200-day moving average is $7.17. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.36.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results 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 company had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.18 billion. Patterson-UTI Energy had a negative net margin of 19.78% and a negative return on equity of 0.70%. The firm's quarterly revenue was down 15.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.15 earnings per share. As a group, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Monday, June 2nd were given a $0.08 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.88%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -12.31%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the transaction, the director owned 999,754 shares in the company, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.40% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PTEN. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock worth $29,000 after acquiring an additional 3,218 shares during the period. Meeder Asset Management Inc. purchased a new stake in Patterson-UTI Energy during the 4th quarter valued at about $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Patterson-UTI Energy during the 4th quarter valued at about $42,000. Smartleaf Asset Management LLC grew its stake in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company's stock valued at $46,000 after buying an additional 1,717 shares during the period. Finally, State of Wyoming purchased a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at approximately $54,000. Institutional investors and hedge funds 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.