Patterson-UTI Energy (NASDAQ:PTEN) Sets New 52-Week Low – Here’s What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $7.25 and last traded at $7.26, with a volume of 293890 shares. The stock had previously closed at $7.54.

Analyst Ratings Changes

PTEN has been the subject of several recent research reports. Barclays reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Morgan Stanley dropped their price objective on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Susquehanna reduced their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Finally, ATB Capital decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus price target of $11.71.

Patterson-UTI Energy Stock Performance

The company has a fifty day moving average price of $8.04 and a two-hundred day moving average price of $8.90. The company has a market capitalization of $2.83 billion, a P/E ratio of -3.32 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 business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.41%. The ex-dividend date of this dividend was Monday, December 2nd. Patterson-UTI Energy’s payout ratio is presently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Massmutual Trust Co. FSB ADV boosted its position in Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock valued at $33,000 after acquiring an additional 3,087 shares during the last quarter. Covestor Ltd boosted its position in shares of Patterson-UTI Energy by 92.4% during the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 3,307 shares in the last quarter. Blue Trust Inc. grew its stake in 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 during the period. nVerses Capital LLC bought a new stake in Patterson-UTI Energy in the third quarter worth approximately $75,000. Finally, DekaBank Deutsche Girozentrale lifted its stake in Patterson-UTI Energy by 47.4% in the third quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock valued at $75,000 after buying an additional 3,221 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

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.