Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Up 5.2% – Here’s What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price traded up 5.2% during trading on Friday. The company traded as high as $11.97 and last traded at $11.9320. Approximately 511,385 shares were traded during trading, a decline of 95% from the average daily volume of 9,477,854 shares. The stock had previously closed at $11.34.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Barclays raised their price objective on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price for the company in a research note on Friday, July 31st. Piper Sandler reiterated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Finally, UBS Group initiated coverage on Patterson-UTI Energy in a research note on Friday, October 2nd. They set a “neutral” rating and a $13.00 price target on the stock. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.14.

Patterson-UTI Energy Price Performance

The business’s fifty day moving average price is $11.84 and its 200-day moving average price is $11.10. The company has a market capitalization of $4.59 billion, a P/E ratio of -52.37 and a beta of 0.77. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.3%. Patterson-UTI Energy’s payout ratio is presently -173.91%.

Insider Transactions at Patterson-UTI Energy

In other news, EVP Seth Wexler sold 120,000 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the sale, the executive vice president owned 404,582 shares in the company, valued at approximately $5,158,420.50. The trade was a 22.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO William Hendricks, Jr. sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $11.91, for a total value of $2,977,500.00. Following the completion of the sale, the chief executive officer owned 2,042,474 shares in the company, valued at $24,325,865.34. The trade was a 10.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,027,000 shares of company stock worth $12,698,780 over the last 90 days. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in Patterson-UTI Energy in the 2nd quarter worth $577,234,000. Dimensional Fund Advisors LP lifted its position in shares of Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after buying an additional 2,745,872 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Patterson-UTI Energy by 11.0% during the 1st quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock valued at $102,347,000 after acquiring an additional 934,766 shares during the period. Webs Creek Capital Management LP purchased a new stake in Patterson-UTI Energy in the 2nd quarter worth approximately $53,729,934. Finally, Bank of America Corp DE bought a new position in shares of Patterson-UTI Energy in the second quarter worth approximately $52,132,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.