Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Terry H. Hunt sold 10,000 shares of the company’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total value of $194,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Shares of Patterson-UTI Energy stock opened at $17.56 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15. Patterson-UTI Energy, Inc. has a 12 month low of $14.83 and a 12 month high of $25.75.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. The firm had revenue of $787.33 million during the quarter, compared to analysts’ expectations of $764.84 million. During the same period in the prior year, the business earned ($0.53) earnings per share. The business’s quarterly revenue was up 218.9% compared to the same quarter last year. sell-side analysts expect that Patterson-UTI Energy, Inc. will post 0.03 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, March 22nd. Shareholders of record on Thursday, March 8th were given a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date was Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio is currently -10.00%.
PTEN has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, February 20th. ValuEngine cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Friday, February 2nd. BidaskClub cut Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Thursday, March 29th. Royal Bank of Canada set a $34.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Monday, February 5th. Finally, Scotia Howard Weill raised Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $25.71.
Large investors have recently added to or reduced their stakes in the business. Nationwide Fund Advisors grew its position in shares of Patterson-UTI Energy by 31.8% in the third quarter. Nationwide Fund Advisors now owns 412,883 shares of the oil and gas company’s stock valued at $8,646,000 after purchasing an additional 99,714 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Patterson-UTI Energy in the third quarter valued at $381,000. Canada Pension Plan Investment Board grew its position in shares of Patterson-UTI Energy by 16.8% in the third quarter. Canada Pension Plan Investment Board now owns 152,000 shares of the oil and gas company’s stock valued at $3,183,000 after purchasing an additional 21,900 shares in the last quarter. Stevens Capital Management LP purchased a new position in shares of Patterson-UTI Energy in the third quarter valued at $585,000. Finally, Gamco Investors INC. ET AL grew its position in shares of Patterson-UTI Energy by 17.6% in the third quarter. Gamco Investors INC. ET AL now owns 28,700 shares of the oil and gas company’s stock valued at $601,000 after purchasing an additional 4,300 shares in the last quarter. 99.66% of the stock is owned by institutional investors and hedge funds.
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About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments: Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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