Patterson-UTI Energy (NASDAQ:PTEN) Sets New 12-Month High – Here’s What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s stock price hit a new 52-week high during trading on Monday . The stock traded as high as $9.38 and last traded at $9.26, with a volume of 3336688 shares trading hands. The stock had previously closed at $8.97.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank Of Canada increased their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Citigroup upped their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. The Goldman Sachs Group lifted their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Finally, Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $8.11.

Patterson-UTI Energy Price Performance

The company has a market capitalization of $3.61 billion, a PE ratio of -38.00 and a beta of 0.71. 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 fifty day moving average of $7.79 and a two-hundred day moving average of $6.53.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share 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 firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the company earned ($0.13) EPS. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. Research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.10 per share. The ex-dividend date 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 dividend on an annualized basis and a dividend yield of 4.2%. Patterson-UTI Energy’s dividend payout ratio is currently -160.00%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the transaction, the director directly owned 207,000 shares in the company, valued at $1,215,090. The trade was a 64.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Royal Bank of Canada boosted its position in shares of Patterson-UTI Energy by 23.7% during the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after buying an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Patterson-UTI Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock valued at $1,904,000 after acquiring an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after acquiring an additional 220,422 shares during the period. United Services Automobile Association purchased a new position in shares of Patterson-UTI Energy during the first quarter valued at approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Patterson-UTI Energy by 3.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after purchasing an additional 30,217 shares during the last quarter. 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.