Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Target Raised at Susquehanna

Patterson-UTI Energy (NASDAQ:PTEN) had its price target raised by Susquehanna from $13.00 to $15.00 in a research note released on Friday morning,Benzinga reports. The firm currently has a positive rating on the oil and gas company’s stock.

Several other equities analysts also recently commented 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 for the company in a research report on Friday, July 31st. Weiss Ratings raised Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Citigroup reduced their price target on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a report on Friday, October 2nd. Barclays upped their price objective on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Finally, Piper Sandler reiterated an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $13.59.

Patterson-UTI Energy Stock Up 5.0%

Shares of PTEN opened at $13.32 on Friday. Patterson-UTI Energy has a 52 week low of $5.24 and a 52 week high of $13.39. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of -222.00 and a beta of 0.77. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.73. The stock has a fifty day moving average of $11.89 and a 200-day moving average of $10.52.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.31 billion. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. Patterson-UTI Energy’s quarterly revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.10) EPS. As a group, sell-side analysts anticipate that Patterson-UTI Energy will post 0.01 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be paid a $0.10 dividend. 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 payout ratio is currently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Stewart sold 207,000 shares of the stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Drummond Jr. sold 198,395 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,027,000 shares of company stock worth $12,698,780. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Engineers Gate Manager LP raised its position in shares of Patterson-UTI Energy by 1,002.2% during the second quarter. Engineers Gate Manager LP now owns 461,819 shares of the oil and gas company’s stock worth $4,239,000 after acquiring an additional 419,919 shares during the last quarter. Convergence Investment Partners LLC acquired a new position in shares of Patterson-UTI Energy in the first quarter worth approximately $1,325,000. The Manufacturers Life Insurance Company acquired a new position in shares of Patterson-UTI Energy in the second quarter worth approximately $2,675,000. Quantinno Capital Management LP boosted its holdings in Patterson-UTI Energy by 163.5% in the first quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock valued at $5,457,000 after acquiring an additional 312,680 shares during the last quarter. Finally, Hsbc Holdings PLC boosted its holdings in Patterson-UTI Energy by 90.2% in the second quarter. Hsbc Holdings PLC now owns 172,117 shares of the oil and gas company’s stock valued at $1,588,000 after acquiring an additional 81,640 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy News Summary

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Analysts raised their price targets: Royal Bank of Canada increased its target from $15 to $17 and maintained an “outperform” rating. Royal Bank of Canada recommendations
• Positive Sentiment: Barclays raised its target from $16 to $17 and maintained an “overweight” rating, while Susquehanna lifted its target from $13 to $15 and assigned a “positive” rating. The revisions imply further upside and reflect improving expectations for PTEN’s earnings and operating performance. Barclays recommendations Susquehanna recommendations
• Positive Sentiment: Q3 results beat expectations: Patterson-UTI reported earnings of $0.07 per share versus the $0.04 consensus estimate, while revenue rose 14.1% year over year to $1.34 billion, above the $1.31 billion forecast. Results also improved from a $0.10-per-share loss in the prior-year quarter. Patterson-UTI Q3 earnings results
• Positive Sentiment: Constructive outlook: Management expects approximately $150 million in fourth-quarter drilling-services adjusted gross profit and plans to keep 2026 capital expenditures below $600 million. The combination of profitability and capital discipline supports the bullish analyst view. Patterson-UTI Q4 outlook
• Neutral Sentiment: PTEN declared a quarterly dividend of $0.10 per share, or $0.40 annualized, representing a yield of approximately 3.2%. The dividend adds shareholder income, although the company continues to report a slightly negative net margin and return on equity.

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.