Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Director Curtis W. Huff bought 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were acquired at an average price of $8.08 per share, with a total value of $202,000.00. Following the completion of the transaction, the director now directly owns 162,817 shares of the company’s stock, valued at $1,315,561.36. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Shares of NASDAQ:PTEN traded down $0.46 during trading on Friday, hitting $7.90. 3,663,056 shares of the company were exchanged, compared to its average volume of 3,950,717. The stock has a market cap of $1.70 billion, a price-to-earnings ratio of -23.24 and a beta of 1.43. Patterson-UTI Energy, Inc. has a fifty-two week low of $7.87 and a fifty-two week high of $18.39. The firm has a fifty day moving average price of $10.20 and a two-hundred day moving average price of $12.39. The company has a current ratio of 1.91, a quick ratio of 1.76 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. The firm had revenue of $675.77 million for the quarter, compared to analyst estimates of $670.28 million. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. The business’s quarterly revenue was down 20.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.05) EPS. As a group, research analysts predict that Patterson-UTI Energy, Inc. will post -0.91 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 19th. Investors of record on Thursday, September 5th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a dividend yield of 2.03%. The ex-dividend date is Wednesday, September 4th. Patterson-UTI Energy’s payout ratio is presently -47.06%.

A number of research analysts have weighed in on PTEN shares. AltaCorp Capital reiterated an “outperform” rating on shares of Patterson-UTI Energy in a research report on Thursday, June 20th. BidaskClub cut Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Wednesday, August 14th. Wells Fargo & Co set a $12.00 target price on Patterson-UTI Energy and gave the company a “hold” rating in a research note on Friday, July 26th. Piper Jaffray Companies cut their target price on Patterson-UTI Energy from $13.00 to $12.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 30th. Finally, ValuEngine upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $14.68.

Several hedge funds have recently bought and sold shares of PTEN. Nomura Holdings Inc. grew its stake in Patterson-UTI Energy by 427.9% during the second quarter. Nomura Holdings Inc. now owns 150,483 shares of the oil and gas company’s stock worth $1,775,000 after purchasing an additional 121,976 shares during the period. Natixis lifted its position in Patterson-UTI Energy by 48.6% in the 2nd quarter. Natixis now owns 1,190,059 shares of the oil and gas company’s stock valued at $13,698,000 after acquiring an additional 389,379 shares in the last quarter. Prudential PLC lifted its position in Patterson-UTI Energy by 17.5% in the 2nd quarter. Prudential PLC now owns 3,573,704 shares of the oil and gas company’s stock valued at $41,148,000 after acquiring an additional 531,000 shares in the last quarter. Royal Bank of Canada lifted its position in Patterson-UTI Energy by 23.0% in the 2nd quarter. Royal Bank of Canada now owns 240,489 shares of the oil and gas company’s stock valued at $2,768,000 after acquiring an additional 44,964 shares in the last quarter. Finally, Nuveen Asset Management LLC bought a new position in Patterson-UTI Energy in the 2nd quarter valued at approximately $9,870,000. 99.60% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

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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