Patterson-UTI Energy, Inc. (PTEN) Director Sells $59,407.92 in Stock

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Patterson-UTI Energy, Inc. (NASDAQ PTEN) traded up $0.29 during mid-day trading on Wednesday, reaching $23.47. The company had a trading volume of 2,422,808 shares, compared to its average volume of 2,485,100. Patterson-UTI Energy, Inc. has a fifty-two week low of $14.83 and a fifty-two week high of $29.76. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. The firm has a market cap of $5,220.00, a P/E ratio of -15.14 and a beta of 1.08.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The business had revenue of $684.99 million for the quarter, compared to the consensus estimate of $688.05 million. During the same period in the prior year, the business earned ($0.58) EPS. The firm’s revenue for the quarter was up 232.3% on a year-over-year basis. equities analysts predict that Patterson-UTI Energy, Inc. will post -0.8 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Thursday, December 21st. Investors of record on Thursday, December 7th were paid a dividend of $0.02 per share. This represents a $0.08 dividend on an annualized basis and a yield of 0.34%. The ex-dividend date of this dividend was Wednesday, December 6th. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -5.16%.

A number of research analysts have recently issued reports on the company. Cowen set a $24.00 price objective on Patterson-UTI Energy and gave the company a “hold” rating in a research note on Wednesday, October 18th. SunTrust Banks boosted their price objective on Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research note on Wednesday, December 6th. Piper Jaffray Companies reissued a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. Citigroup set a $24.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. Finally, JPMorgan Chase & Co. raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 price objective on the stock in a research note on Tuesday, September 5th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $27.00.

A number of hedge funds have recently bought and sold shares of the stock. Gluskin Sheff & Assoc Inc. raised its stake in Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after buying an additional 780 shares during the period. PNC Financial Services Group Inc. increased its holdings in Patterson-UTI Energy by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after purchasing an additional 1,089 shares in the last quarter. Comerica Bank increased its holdings in Patterson-UTI Energy by 1.0% during the 2nd quarter. Comerica Bank now owns 145,622 shares of the oil and gas company’s stock worth $2,793,000 after purchasing an additional 1,412 shares in the last quarter. World Asset Management Inc increased its holdings in Patterson-UTI Energy by 22.5% during the 3rd quarter. World Asset Management Inc now owns 15,096 shares of the oil and gas company’s stock worth $316,000 after purchasing an additional 2,772 shares in the last quarter. Finally, LS Investment Advisors LLC increased its holdings in Patterson-UTI Energy by 22.5% during the 3rd quarter. LS Investment Advisors LLC now owns 16,535 shares of the oil and gas company’s stock worth $346,000 after purchasing an additional 3,038 shares in the last quarter. 97.71% of the stock is currently owned by institutional investors and hedge funds.

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About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

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