Patterson-UTI Energy (NASDAQ:PTEN) Stock Gets Price Target Boost from Barclays

Patterson-UTI Energy (NASDAQ:PTEN) had its price target boosted by equities research analysts at Barclays from $16.00 to $17.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Barclays‘s price objective suggests a potential upside of 29.81% from the stock’s current price.

PTEN has been the subject of a number of other research reports. Susquehanna increased their target price on Patterson-UTI Energy from $13.00 to $15.00 and gave the company a “positive” rating in a research note on Friday. Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Piper Sandler reaffirmed an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Weiss Ratings raised Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Finally, Citigroup reduced their price objective on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating for the company in a research report on Friday, October 2nd. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $13.41.

Patterson-UTI Energy Trading Up 3.2%

Shares of NASDAQ PTEN traded up $0.41 during trading on Friday, reaching $13.10. The stock had a trading volume of 1,330,084 shares, compared to its average volume of 9,423,770. The company has a market cap of $4.99 billion, a P/E ratio of -218.37 and a beta of 0.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. Patterson-UTI Energy has a fifty-two week low of $5.24 and a fifty-two week high of $13.39. The business’s 50-day moving average price is $11.87 and its 200-day moving average price is $10.48.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.03. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the business earned ($0.10) EPS. The business’s quarterly revenue was up 14.1% on a year-over-year basis. On average, equities research analysts predict that Patterson-UTI Energy will post 0.01 EPS for the current fiscal year.

Insider Activity at Patterson-UTI Energy

In related news, EVP Seth Wexler sold 120,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the transaction, the executive vice president directly owned 404,582 shares of the company’s stock, valued at approximately $5,158,420.50. This trade represents a 22.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Drummond Jr. sold 198,395 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the transaction, the director directly owned 928,773 shares in the company, valued at approximately $11,934,733.05. This represents a 17.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,027,000 shares of company stock valued at $12,698,780. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently modified their holdings of the company. Oregon Public Employees Retirement Fund grew its stake in shares of Patterson-UTI Energy by 9.7% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 85,590 shares of the oil and gas company’s stock worth $935,000 after acquiring an additional 7,600 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Patterson-UTI Energy during the 3rd quarter worth about $471,000. ProShare Advisors LLC lifted its stake in Patterson-UTI Energy by 2.6% in the 3rd quarter. ProShare Advisors LLC now owns 51,413 shares of the oil and gas company’s stock worth $561,000 after purchasing an additional 1,297 shares in the last quarter. Vise Technologies Inc. grew its position in Patterson-UTI Energy by 40.3% during the third quarter. Vise Technologies Inc. now owns 50,263 shares of the oil and gas company’s stock valued at $549,000 after acquiring an additional 14,439 shares during the last quarter. Finally, Choreo LLC increased its holdings in shares of Patterson-UTI Energy by 2.9% in the third quarter. Choreo LLC now owns 48,047 shares of the oil and gas company’s stock worth $525,000 after buying an additional 1,333 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy News Roundup

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Strong Q3 results: Patterson-UTI reported revenue of approximately $1.34 billion, up 14.1% year over year and above the $1.31 billion consensus estimate. Adjusted earnings of $0.07 per share also exceeded expectations of $0.04 and improved substantially from a year-ago loss. Patterson-UTI Energy Reports Third-Quarter Results
• Positive Sentiment: Positive operating outlook: Management expects fourth-quarter drilling-services adjusted gross profit of about $150 million while maintaining its 2026 capital-expenditure target below $600 million. The combination suggests continued operating momentum and disciplined spending. Patterson-UTI Fourth-Quarter Outlook
• Positive Sentiment: Analyst becomes more bullish: Susquehanna raised its price target from $13 to $15 and assigned a “positive” rating, implying further upside from the reference price. Susquehanna Patterson-UTI Analyst Rating
• Positive Sentiment: Dividend maintained: The company declared a quarterly dividend of $0.10 per share, or $0.40 annualized, representing a yield of roughly 3.2% at the cited share price. Patterson-UTI Dividend Information
• Neutral Sentiment: Profitability remains limited: Despite the earnings beat, Patterson-UTI reported a negative net margin and negative return on equity, so investors may continue to focus on whether stronger drilling-services demand can translate into sustainable net profits.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.