Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $9.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price lifted by Citigroup from $7.00 to $9.00 in a research note published on Monday,Benzinga reports. Citigroup currently has a neutral rating on the oil and gas company’s stock.

Several other analysts have also recently commented on PTEN. Barclays reiterated an “equal weight” rating and issued a $6.00 price objective (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Royal Bank Of Canada raised their price target on Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Finally, Piper Sandler raised their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Monday. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $8.00.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $8.57 on Monday. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The stock has a 50 day simple moving average of $6.85 and a 200-day simple moving average of $6.13. The company has a market cap of $3.25 billion, a price-to-earnings ratio of -34.28 and a beta of 0.76. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $9.25.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.Patterson-UTI Energy’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.13) earnings per share. On average, equities analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a $0.10 dividend. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Monday, March 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -128.00%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the sale, the director directly owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. The trade was a 64.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in PTEN. Quarry LP lifted its position in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after buying an additional 3,862 shares during the period. Versant Capital Management Inc boosted its position in shares of Patterson-UTI Energy by 127.3% in the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 3,343 shares during the last quarter. First Horizon Corp increased its position in Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at $37,000. Finally, Torren Management LLC acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at $44,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.