Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $9.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective lifted by Piper Sandler from $7.00 to $9.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas company’s stock.

Several other research analysts have also issued reports on the company. Stifel Nicolaus boosted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Tudor Pickering cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $6.00 target price (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Finally, Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $8.00.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $8.57 on Monday. The business’s 50 day moving average price is $6.85 and its 200-day moving average price is $6.13. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $9.25. The company has a market cap of $3.25 billion, a P/E ratio of -34.28 and a beta of 0.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period last year, the company earned ($0.13) earnings per share. Patterson-UTI Energy’s revenue was down 1.0% on a year-over-year basis. Sell-side analysts predict that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, March 2nd. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a yield of 4.7%. Patterson-UTI Energy’s dividend payout ratio is -128.00%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the sale, the director owned 207,000 shares in the company, valued at $1,215,090. This represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Quarry LP lifted its position in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 3,862 shares during the last quarter. Versant Capital Management Inc lifted its holdings in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 3,343 shares during the last quarter. First Horizon Corp grew its stake in Patterson-UTI Energy by 58.5% during the 4th 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 during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Patterson-UTI Energy during the 3rd quarter valued at about $37,000. Finally, Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $44,000. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

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.