Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) gapped up before the market opened on Wednesday . The stock had previously closed at $13.57, but opened at $14.04. Patterson-UTI Energy shares last traded at $13.86, with a volume of 14,540 shares trading hands.
Analyst Ratings Changes
A number of equities research analysts have weighed in on the company. Susquehanna raised their price objective on Patterson-UTI Energy from $20.00 to $23.00 in a research note on Wednesday, June 8th. Bank of America lowered Patterson-UTI Energy from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $22.00 to $13.50 in a research note on Friday, July 15th. Citigroup raised their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, July 6th. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 price objective for the company in a research note on Thursday, May 26th. Finally, Atb Cap Markets lowered Patterson-UTI Energy from an “outperform” rating to a “sector perform” rating in a research note on Thursday, July 7th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average target price of $19.93.
Patterson-UTI Energy Trading Down 3.0 %
The company has a market cap of $2.82 billion, a price-to-earnings ratio of -6.04 and a beta of 2.25. The firm has a 50-day moving average price of $14.79 and a 200 day moving average price of $15.70. The company has a current ratio of 1.39, a quick ratio of 1.27 and a debt-to-equity ratio of 0.56.
Patterson-UTI Energy Announces Dividend
Insider Buying and Selling
In related news, insider James Michael Holcomb sold 8,333 shares of the firm’s stock in a transaction that occurred on Friday, July 29th. The stock was sold at an average price of $16.31, for a total value of $135,911.23. Following the sale, the insider now owns 356,442 shares of the company’s stock, valued at approximately $5,813,569.02. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, July 11th. The stock was sold at an average price of $13.76, for a total value of $1,376,000.00. Following the sale, the chief executive officer now owns 1,801,374 shares of the company’s stock, valued at approximately $24,786,906.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Michael Holcomb sold 8,333 shares of Patterson-UTI Energy stock in a transaction on Friday, July 29th. The shares were sold at an average price of $16.31, for a total value of $135,911.23. Following the sale, the insider now directly owns 356,442 shares in the company, valued at approximately $5,813,569.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 116,666 shares of company stock valued at $1,645,239. Insiders own 2.70% of the company’s stock.
Institutional Trading of Patterson-UTI Energy
Hedge funds have recently added to or reduced their stakes in the business. AE Wealth Management LLC bought a new stake in Patterson-UTI Energy during the 1st quarter valued at $657,000. New York State Common Retirement Fund raised its stake in Patterson-UTI Energy by 402.8% during the 1st quarter. New York State Common Retirement Fund now owns 907,580 shares of the oil and gas company’s stock valued at $14,049,000 after acquiring an additional 727,079 shares in the last quarter. American Century Companies Inc. raised its stake in Patterson-UTI Energy by 20.9% during the 1st quarter. American Century Companies Inc. now owns 331,080 shares of the oil and gas company’s stock valued at $5,125,000 after acquiring an additional 57,327 shares in the last quarter. Journey Strategic Wealth LLC bought a new stake in Patterson-UTI Energy during the 4th quarter valued at $106,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Patterson-UTI Energy in the 1st quarter worth $339,000. Institutional investors own 99.72% of the company’s stock.
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 internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.
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