James Carl Stewart Sells 80,000 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director James Carl Stewart sold 80,000 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total value of $588,800.00. Following the completion of the sale, the director now owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded up $0.39 during trading on Friday, reaching $7.68. 30,150,032 shares of the stock traded hands, compared to its average volume of 7,382,606. The company has a 50-day moving average of $8.03 and a 200-day moving average of $8.89. Patterson-UTI Energy, Inc. has a 52-week low of $7.15 and a 52-week high of $12.65. The stock has a market capitalization of $2.99 billion, a P/E ratio of -3.51 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Monday, December 2nd were paid a $0.08 dividend. The ex-dividend date was Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 4.17%. Patterson-UTI Energy’s payout ratio is -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently made changes to their positions in the stock. CIBC Asset Management Inc increased its position in shares of Patterson-UTI Energy by 7.2% during the third quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock valued at $171,000 after buying an additional 1,501 shares during the period. KBC Group NV grew its position in Patterson-UTI Energy by 18.5% during the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after buying an additional 1,723 shares in the last quarter. Sage Rhino Capital LLC raised its holdings in shares of Patterson-UTI Energy by 15.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock valued at $131,000 after acquiring an additional 1,724 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in shares of Patterson-UTI Energy by 10.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after acquiring an additional 1,879 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Stifel Nicolaus cut their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a report on Friday, October 11th. The Goldman Sachs Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $11.00 to $10.00 in a report on Friday, December 13th. Susquehanna lowered their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research report on Friday, October 11th. Morgan Stanley reduced their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Finally, Royal Bank of Canada dropped their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. One research analyst has rated the stock with a sell rating, two have issued a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.71.

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.