Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $15.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price raised by Piper Sandler from $14.00 to $15.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

Other equities research analysts also recently issued reports about the company. Barclays lifted their target price on Patterson-UTI Energy from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Friday, October 30th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target for the company in a report on Friday, July 31st. Royal Bank Of Canada raised their price objective on Patterson-UTI Energy from $15.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, October 30th. Citigroup reduced their price objective on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating for the company in a research report on Friday, October 2nd. Finally, Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average target price of $14.09.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $9.95 on Tuesday. The company’s fifty day moving average is $11.82 and its two-hundred day moving average is $10.60. Patterson-UTI Energy has a 52-week low of $5.24 and a 52-week high of $13.39. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.73 and a quick ratio of 1.57. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of -165.83 and a beta of 0.79.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the business earned ($0.10) earnings per share. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. Equities research analysts forecast that Patterson-UTI Energy will post 0.02 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 4.0%. The ex-dividend date is Tuesday, December 1st. Patterson-UTI Energy’s payout ratio is -666.67%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, EVP Seth Wexler sold 120,000 shares of the stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president owned 404,582 shares of the company’s stock, valued at $5,158,420.50. This represents a 22.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director James Stewart sold 207,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The SEC filing for this sale provides additional information. In the last three months, insiders sold 1,027,000 shares of company stock worth $12,698,780. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several large investors have recently modified their holdings of PTEN. Maryland State Retirement & Pension System increased its holdings in shares of Patterson-UTI Energy by 68.6% during the third quarter. Maryland State Retirement & Pension System now owns 84,951 shares of the oil and gas company’s stock worth $928,000 after buying an additional 34,562 shares in the last quarter. Ritholtz Wealth Management raised its stake in shares of Patterson-UTI Energy by 21.8% in the third quarter. Ritholtz Wealth Management now owns 28,600 shares of the oil and gas company’s stock valued at $312,000 after acquiring an additional 5,127 shares during the last quarter. Illinois Municipal Retirement Fund boosted its holdings in shares of Patterson-UTI Energy by 1.9% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 173,815 shares of the oil and gas company’s stock worth $1,898,000 after acquiring an additional 3,188 shares in the last quarter. Keybank National Association OH acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter worth approximately $112,000. Finally, M&G PLC boosted its holdings in shares of Patterson-UTI Energy by 17.4% in the 3rd quarter. M&G PLC now owns 648,208 shares of the oil and gas company’s stock worth $7,130,000 after acquiring an additional 95,921 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Company Profile

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.