Brokerages Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) PT at $12.40

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received an average rating of “Hold” from the fifteen analysts that are currently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and eight have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $12.35.

A number of equities research analysts have recently commented on PTEN shares. Piper Sandler lifted their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “neutral” rating in a report on Wednesday, May 27th. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Susquehanna boosted their target price on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the company a “positive” rating in a report on Wednesday, May 27th. The Goldman Sachs Group boosted their target price on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Finally, Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd.

Insider Transactions at Patterson-UTI Energy

In related news, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the sale, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. The trade was a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,007,844 shares of company stock valued at $11,922,302 in the last quarter. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors have recently bought and sold shares of PTEN. Sourcerock Group LLC grew its stake in Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares during the period. Holocene Advisors LP grew its stake in Patterson-UTI Energy by 176.6% during the third quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock worth $47,801,000 after buying an additional 5,891,956 shares during the period. Goldman Sachs Group Inc. grew its stake in Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after buying an additional 5,551,276 shares during the period. UBS Group AG grew its stake in Patterson-UTI Energy by 121.2% during the fourth quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock worth $50,839,000 after buying an additional 4,558,445 shares during the period. Finally, Millennium Management LLC grew its stake in Patterson-UTI Energy by 97.7% during the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after buying an additional 4,442,700 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $9.55 on Thursday. The company has a market cap of $3.63 billion, a PE ratio of -30.81 and a beta of 0.61. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The company has a 50-day simple moving average of $11.33 and a 200-day simple moving average of $9.37.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. On average, equities analysts anticipate that Patterson-UTI Energy will post -0.14 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 4.2%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy’s payout ratio is presently -129.03%.

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.