Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $13.50

Patterson-UTI Energy (NASDAQ:PTEN) had its price target increased by UBS Group from $13.00 to $13.50 in a research report released on Friday,Benzinga reports. They currently have a neutral rating on the oil and gas company’s stock.

Other analysts have also recently issued research reports about the stock. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research report on Friday, July 31st. Susquehanna raised their price objective on shares of Patterson-UTI Energy from $13.00 to $15.00 and gave the company a “positive” rating in a research note on Friday. Weiss Ratings upgraded Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Finally, Citigroup decreased their target price on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Nine research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.64.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $13.32 on Friday. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of -222.00 and a beta of 0.79. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.73 and a quick ratio of 1.57. The company has a 50 day moving average price of $11.89 and a 200-day moving average price of $10.52. Patterson-UTI Energy has a 1-year low of $5.24 and a 1-year high of $13.39.

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

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.40 annualized dividend and a yield of 3.0%. Patterson-UTI Energy’s dividend payout ratio is -666.67%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the sale, the director directly owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction on Friday, September 18th. The shares were sold at an average price of $11.91, for a total value of $2,977,500.00. Following the completion of the sale, the chief executive officer directly owned 2,042,474 shares of the company’s stock, valued at approximately $24,325,865.34. This represents a 10.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,027,000 shares of company stock worth $12,698,780 over the last ninety days. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Patterson-UTI Energy during the second quarter valued at about $32,000. Rockefeller Capital Management L.P. lifted its holdings in Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 4,299 shares during the last quarter. Nykredit A S acquired a new position in Patterson-UTI Energy during the 2nd quarter valued at approximately $56,000. Reyes Financial Architecture Inc. bought a new position in Patterson-UTI Energy in the 3rd quarter worth about $60,000. Finally, Farther Finance Advisors LLC raised its stake in Patterson-UTI Energy by 39.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 1,732 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.