Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $13.25 Average Target Price from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have earned an average recommendation of “Moderate Buy” from the fifteen analysts that are currently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $13.25.

PTEN has been the subject of a number of research analyst reports. Royal Bank Of Canada upped their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Susquehanna boosted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research report on Monday, August 3rd. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Finally, Piper Sandler reissued an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $12.90 on Tuesday. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $13.39. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The stock has a market capitalization of $4.92 billion, a PE ratio of -56.09 and a beta of 0.66. The stock has a 50-day simple moving average of $10.89 and a 200 day simple moving average of $10.76.

Patterson-UTI Energy Dividend Announcement

The company also recently declared 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 of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.1%. Patterson-UTI Energy’s dividend payout ratio is -173.91%.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy stock in a transaction that occurred on 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 sale, the executive vice president directly owned 404,582 shares in the company, valued at $5,158,420.50. The trade was a 22.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 777,000 shares of company stock worth $9,721,280 over the last 90 days. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Large investors have recently made changes to their positions in the company. Convergence Investment Partners LLC bought a new stake in shares of Patterson-UTI Energy during the first quarter valued at approximately $1,325,000. Prescott Group Capital Management L.L.C. bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at $1,161,000. Gagnon Securities LLC increased its holdings in Patterson-UTI Energy by 69.0% in the fourth quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock valued at $2,155,000 after purchasing an additional 144,080 shares during the last quarter. Quantinno Capital Management LP increased its stake in shares of Patterson-UTI Energy by 163.5% in the 1st quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock valued at $5,457,000 after acquiring an additional 312,680 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its stake in Patterson-UTI Energy by 686.1% in the first quarter. Pictet Asset Management Holding SA now owns 475,726 shares of the oil and gas company’s stock valued at $5,152,000 after purchasing an additional 415,209 shares in the last quarter. 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.