Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Up 3.8% Following Analyst Upgrade

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price rose 3.8% during trading on Tuesday after Susquehanna raised their price target on the stock from $10.00 to $13.00. Susquehanna currently has a positive rating on the stock. Patterson-UTI Energy traded as high as $10.99 and last traded at $10.9950. Approximately 1,045,940 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 11,030,171 shares. The stock had previously closed at $10.59.

Other equities analysts have also recently issued reports about the stock. Piper Sandler boosted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Stifel Nicolaus raised their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 6th. JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Citigroup raised their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Finally, The Goldman Sachs Group raised their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $8.78.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of Patterson-UTI Energy stock in a transaction on Monday, March 16th. The shares were sold at an average price of $10.18, for a total value of $1,677,409.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC grew its stake in Patterson-UTI Energy by 16.9% in the 4th quarter. Hsbc Holdings PLC now owns 233,137 shares of the oil and gas company’s stock valued at $1,418,000 after acquiring an additional 33,645 shares during the period. Rockefeller Capital Management L.P. grew its stake in Patterson-UTI Energy by 187.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 4,299 shares during the period. Corient Private Wealth LLC grew its stake in Patterson-UTI Energy by 50.2% in the 4th quarter. Corient Private Wealth LLC now owns 49,961 shares of the oil and gas company’s stock valued at $305,000 after acquiring an additional 16,709 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in Patterson-UTI Energy by 268,475.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 10,743 shares of the oil and gas company’s stock valued at $66,000 after acquiring an additional 10,739 shares during the period. Finally, Alpine Global Management LLC acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at $188,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 4.0%

The business’s 50 day moving average is $9.21 and its 200-day moving average is $7.20. The stock has a market cap of $4.18 billion, a price-to-earnings ratio of -44.06 and a beta of 0.57. 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 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 analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the company earned ($0.13) EPS. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.6%. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date was Monday, March 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -160.00%.

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.