Patterson-UTI Energy (NASDAQ:PTEN) Reaches New 12-Month High – Still a Buy?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $13.09 and last traded at $13.0550, with a volume of 4816247 shares. The stock had previously closed at $12.79.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a report on Friday, July 31st. Barclays increased their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. The Goldman Sachs Group lifted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Finally, Royal Bank Of Canada boosted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $12.95.

Patterson-UTI Energy Stock Down 4.6%

The stock’s 50-day moving average price is $10.53 and its two-hundred day moving average price is $10.60. The stock has a market capitalization of $4.79 billion, a P/E ratio of -54.57 and a beta of 0.66. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.2%. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, EVP Seth Wexler sold 120,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the transaction, the executive vice president owned 404,582 shares of the company’s stock, valued at $5,158,420.50. This represents a 22.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total value of $2,549,375.75. Following the transaction, the director owned 928,773 shares of the company’s stock, valued at $11,934,733.05. The trade was a 17.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 790,670 shares of company stock valued at $9,885,457 in the last quarter. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently modified their holdings of PTEN. Lazard Asset Management LLC grew its stake in Patterson-UTI Energy by 6.2% in the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after buying an additional 1,255 shares in the last quarter. O Shaughnessy Asset Management LLC raised its holdings in shares of Patterson-UTI Energy by 11.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after acquiring an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd raised its holdings in shares of Patterson-UTI Energy by 21.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,547 shares in the last quarter. Assetmark Inc. boosted its position in shares of Patterson-UTI Energy by 8.1% during the 1st quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock valued at $258,000 after acquiring an additional 1,786 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Patterson-UTI Energy by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after acquiring an additional 1,915 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.