Patterson-UTI Energy (NASDAQ:PTEN) Hits New 12-Month High – What’s Next?

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week high during trading on Monday . The stock traded as high as $8.95 and last traded at $8.7010, with a volume of 1341421 shares. The stock had previously closed at $8.51.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Royal Bank Of Canada upped their price objective on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Piper Sandler lifted their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Citigroup upped their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Finally, Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday. Four equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.00.

Patterson-UTI Energy Price Performance

The company has a fifty day moving average price of $7.36 and a two-hundred day moving average price of $6.36. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The firm has a market cap of $3.32 billion, a P/E ratio of -35.07 and a beta of 0.76.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the business posted ($0.13) EPS. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. Equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Monday, March 2nd. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s payout ratio is currently -160.00%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following 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 this link. 2.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PTEN. O Shaughnessy Asset Management LLC lifted its position in shares of Patterson-UTI Energy by 11.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after acquiring an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd lifted its position in Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 1,547 shares during the period. Sage Rhino Capital LLC grew its stake in Patterson-UTI Energy by 6.6% during the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after buying an additional 1,575 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Patterson-UTI Energy by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after buying an additional 1,915 shares in the last quarter. Finally, First Horizon Corp lifted its holdings in shares of 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 acquiring an additional 2,049 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

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.