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 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 brokerages recently issued reports on PTEN. Citigroup reiterated a "neutral" rating and set a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th. JPMorgan Chase & Co. cut their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 28th. Barclays cut their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Stifel Nicolaus cut their target price on shares of 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, The Goldman Sachs Group lowered their price target on 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $9.50.

Patterson-UTI Energy Trading Up 0.4%

The stock has a market cap of $2.54 billion, a price-to-earnings ratio of -2.53 and a beta of 1.32. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.40 and a current ratio of 1.61. The business has a 50-day simple moving average of $6.02 and a two-hundred day simple moving average of $7.17.

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 EPS for the quarter, beating the consensus estimate 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 return on equity of 0.70% and a negative net margin of 19.78%. The firm's revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.15 EPS. As a group, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 4.86%. The ex-dividend date was Monday, June 2nd. Patterson-UTI Energy's payout ratio is presently -12.31%.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction that occurred 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 completion of the sale, the director owned 999,754 shares of the company's stock, valued at approximately $5,978,528.92. This represents a 0.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently added to or reduced their stakes in PTEN. Fuller & Thaler Asset Management Inc. lifted its holdings in Patterson-UTI Energy by 89.1% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock valued at $140,046,000 after purchasing an additional 7,989,877 shares during the last quarter. Norges Bank bought a new position in Patterson-UTI Energy in the fourth quarter valued at about $52,817,000. Nuveen LLC bought a new position in Patterson-UTI Energy in the first quarter valued at about $22,563,000. ARGA Investment Management LP grew its position in Patterson-UTI Energy by 25.2% in the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company's stock valued at $105,089,000 after acquiring an additional 2,569,713 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Patterson-UTI Energy by 21.6% in the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company's stock valued at $96,317,000 after acquiring an additional 2,080,960 shares during the last quarter. 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.