Patterson-UTI Energy (PTEN) Shares Gap Down to $11.13

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) gapped down prior to trading on Friday . The stock had previously closed at $11.41, but opened at $11.13. Patterson-UTI Energy shares last traded at $10.63, with a volume of 3562698 shares changing hands.

A number of brokerages have weighed in on PTEN. BidaskClub lowered Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a report on Wednesday, May 22nd. ValuEngine lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Citigroup lowered their price objective on Patterson-UTI Energy from $20.00 to $19.00 and set a “buy” rating on the stock in a report on Tuesday, April 30th. Raymond James set a $21.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a report on Friday, April 26th. Finally, TheStreet lowered Patterson-UTI Energy from a “c-” rating to a “d” rating in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company’s stock. Patterson-UTI Energy presently has an average rating of “Hold” and a consensus target price of $19.71.

The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.69 and a current ratio of 1.82. The stock has a market cap of $2.22 billion, a PE ratio of -31.26 and a beta of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The company had revenue of $704.17 million during the quarter, compared to the consensus estimate of $694.10 million. During the same period last year, the firm earned ($0.16) EPS. The company’s revenue for the quarter was down 13.0% on a year-over-year basis. On average, research analysts expect that Patterson-UTI Energy, Inc. will post -0.68 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th will be given a dividend of $0.04 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.51%. Patterson-UTI Energy’s payout ratio is -47.06%.

Patterson-UTI Energy announced that its board has initiated a share buyback plan on Thursday, February 7th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the oil and gas company to repurchase up to 9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Several hedge funds have recently bought and sold shares of PTEN. Captrust Financial Advisors acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $25,000. Parallel Advisors LLC raised its position in shares of Patterson-UTI Energy by 129.0% during the 1st quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 1,342 shares during the last quarter. Advisor Group Inc. raised its position in shares of Patterson-UTI Energy by 67.3% during the 1st quarter. Advisor Group Inc. now owns 2,836 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,141 shares during the last quarter. Quantamental Technologies LLC acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $68,000. Finally, BlueMountain Capital Management LLC acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth approximately $79,000. Institutional investors own 98.28% of the company’s stock.

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Patterson-UTI Energy Company Profile (NASDAQ:PTEN)

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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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