Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $13.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price hoisted by Susquehanna from $12.00 to $13.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a positive rating on the oil and gas company’s stock.

A number of other brokerages have also weighed in on PTEN. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. The Goldman Sachs Group increased their target price on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Morgan Stanley lifted their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Finally, Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average target price of $12.95.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $9.54 on Monday. The business has a 50 day moving average of $10.21 and a 200 day moving average of $10.00. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -41.48 and a beta of 0.63. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 4.2%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -173.91%.

Insider Transactions at Patterson-UTI Energy

In related news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the sale, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 363,670 shares of company stock worth $4,212,677. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PTEN. Quarry LP boosted its stake in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares in the last quarter. First Horizon Corp raised its stake in Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after buying an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after buying an additional 4,299 shares in the last quarter. Torren Management LLC purchased a new stake in Patterson-UTI Energy in the fourth quarter worth about $44,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after buying an additional 7,171 shares during the period. 97.91% of the stock is currently owned by institutional investors.

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.