Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives $7.28 Average PT from Brokerages

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned an average rating of “Hold” from the twelve analysts that are presently covering the stock, MarketBeat.com reports. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $7.2778.

A number of equities analysts have weighed in on the company. Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Tudor Pickering lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 25th. Barclays reiterated an “equal weight” rating and set a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research report on Monday, October 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $6.79 on Thursday. The company’s 50 day simple moving average is $6.04 and its two-hundred day simple moving average is $5.88. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $9.57. The stock has a market capitalization of $2.58 billion, a PE ratio of -18.86 and a beta of 0.72.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. The firm had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. Analysts predict that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 4.7%. The ex-dividend date of this dividend was Monday, December 1st. Patterson-UTI Energy’s dividend payout ratio is currently -88.89%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the sale, the director owned 207,000 shares of the company’s stock, valued at $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of large investors have recently modified their holdings of the company. GAMMA Investing LLC lifted its position in Patterson-UTI Energy by 11.9% in the 2nd quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company’s stock worth $90,000 after buying an additional 1,615 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Patterson-UTI Energy by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock worth $2,197,000 after acquiring an additional 1,915 shares in the last quarter. Somerset Trust Co lifted its holdings in shares of Patterson-UTI Energy by 8.0% in the 2nd quarter. Somerset Trust Co now owns 30,620 shares of the oil and gas company’s stock worth $182,000 after acquiring an additional 2,275 shares during the last quarter. Brucke Financial Inc. boosted its stake in shares of Patterson-UTI Energy by 14.4% in the 2nd quarter. Brucke Financial Inc. now owns 19,175 shares of the oil and gas company’s stock valued at $114,000 after purchasing an additional 2,417 shares in the last quarter. Finally, Yousif Capital Management LLC grew its holdings in shares of Patterson-UTI Energy by 1.8% during the 2nd quarter. Yousif Capital Management LLC now owns 139,341 shares of the oil and gas company’s stock valued at $826,000 after purchasing an additional 2,492 shares during 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 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.