Patterson-UTI Energy (NASDAQ:PTEN) Reaches New 52-Week High – Time to Buy?

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $8.95 and last traded at $8.7010, with a volume of 1341421 shares changing hands. The stock had previously closed at $8.51.

Analyst Upgrades and Downgrades

Several analysts have issued reports on PTEN shares. Citigroup upped their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday. Finally, Royal Bank Of Canada lifted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.00.

Patterson-UTI Energy Price Performance

The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $3.35 billion, a price-to-earnings ratio of -35.32 and a beta of 0.71. The business’s 50 day simple moving average is $7.47 and its 200-day simple moving average is $6.40.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.09. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.13) EPS. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.10 per share. The ex-dividend date is Monday, March 2nd. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a yield of 4.5%. Patterson-UTI Energy’s dividend payout ratio is currently -160.00%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction on 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 transaction, the director owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. The trade was a 64.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Large investors have recently bought and sold shares of the business. Quarry LP raised its stake in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 3,862 shares in the last quarter. First Horizon Corp boosted its stake in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 3,343 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Patterson-UTI Energy during the 3rd quarter worth approximately $37,000. Finally, Torren Management LLC bought a new position in Patterson-UTI Energy in the 4th quarter valued at approximately $44,000. 97.91% of the stock is owned by institutional investors and hedge funds.

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.