Patterson-UTI Energy (NASDAQ:PTEN) Given New $13.50 Price Target at UBS Group

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

Several other equities analysts have also weighed in on the stock. Royal Bank Of Canada increased their price objective on shares of Patterson-UTI Energy from $15.00 to $17.00 and gave the company an “outperform” rating in a research report on Friday. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Piper Sandler reiterated an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Weiss Ratings raised shares of Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Finally, Citigroup cut their price objective on shares of 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 research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.64.

Patterson-UTI Energy Price Performance

PTEN stock opened at $13.32 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $5.08 billion, a PE ratio of -222.00 and a beta of 0.79. Patterson-UTI Energy has a 1-year low of $5.24 and a 1-year high of $13.39. The business’s 50 day simple moving average is $11.89 and its 200 day simple moving average is $10.52.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.31 billion. During the same quarter in the prior year, the business earned ($0.10) EPS. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. As a group, research analysts anticipate that Patterson-UTI Energy will post 0.01 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

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

Insider Buying and Selling at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the company’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the completion of the sale, the chief executive officer directly owned 2,042,474 shares in the company, valued at approximately $24,325,865.34. This represents a 10.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the business’s stock in a transaction that occurred on 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 transaction, the director owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. This represents a 17.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,027,000 shares of company stock valued at $12,698,780 in the last three months. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Patterson-UTI Energy in the 2nd quarter valued at approximately $577,234,000. Dimensional Fund Advisors LP lifted its holdings in shares of Patterson-UTI Energy by 14.9% during the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after purchasing an additional 2,745,872 shares during the period. Principal Financial Group Inc. grew its stake in shares of Patterson-UTI Energy by 11.0% in the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock worth $102,347,000 after purchasing an additional 934,766 shares during the last quarter. Webs Creek Capital Management LP bought a new stake in shares of Patterson-UTI Energy in the second quarter worth $53,729,934. Finally, Bank of America Corp DE acquired a new stake in Patterson-UTI Energy in the second quarter valued at $52,132,000. 97.91% of the stock is currently owned by 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.