Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Has Average Target Price of $13.14

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given an average rating of “Moderate Buy” by the sixteen brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned a buy rating to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $13.14.

PTEN has been the topic of a number of research reports. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a research note on Friday, July 31st. Barclays upped their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Citigroup cut their price target on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a research report on Friday. Piper Sandler reiterated an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st.

Insider Buying and Selling

In other Patterson-UTI Energy news, 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 sale, the chief executive officer owned 2,042,474 shares in the company, valued at approximately $24,325,865.34. This represents a 10.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Seth Wexler sold 120,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total transaction 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 position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 1,027,000 shares of company stock valued at $12,698,780. Insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Patterson-UTI Energy in the second quarter valued at $32,000. Nykredit A S purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $56,000. Rockefeller Capital Management L.P. boosted its stake in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 4,299 shares in the last quarter. Allworth Financial LP acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at about $68,000. Finally, Cidel Asset Management Inc. acquired a new stake in shares of Patterson-UTI Energy during the 1st quarter valued at about $110,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

PTEN opened at $11.55 on Friday. Patterson-UTI Energy has a 12-month low of $5.24 and a 12-month high of $13.39. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $4.41 billion, a PE ratio of -50.22 and a beta of 0.77. The firm has a 50 day moving average of $11.50 and a two-hundred day moving average of $11.04.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.5%. The ex-dividend date was Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -173.91%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy services company that provides drilling and well-completion solutions to oil and natural gas exploration and production companies. Its operations support the development of unconventional and conventional wells, primarily in North America.

The company’s drilling services include contract land drilling, directional drilling, and related technologies designed to improve well placement, efficiency, and performance. Patterson-UTI also provides completion services, including pressure pumping, wireline, and other well-completion and production-support services.

Through its drilling products business, Patterson-UTI manufactures and distributes drilling equipment and downhole tools, including drill bits, drilling motors, and related products.