Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $18.00

Patterson-UTI Energy (NASDAQ:PTENGet Rating) had its target price increased by Morgan Stanley from $13.50 to $18.00 in a research report report published on Monday morning, MarketBeat.com reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

Other equities analysts have also issued reports about the stock. Citigroup raised their target price on shares of Patterson-UTI Energy from $11.00 to $15.00 and gave the company a buy rating in a report on Tuesday, February 15th. StockNews.com began coverage on shares of Patterson-UTI Energy in a research note on Thursday, March 31st. They set a sell rating for the company. JPMorgan Chase & Co. boosted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company an underweight rating in a research note on Tuesday, February 15th. Finally, Piper Sandler upped their target price on shares of Patterson-UTI Energy from $10.25 to $14.50 and gave the stock an overweight rating in a research note on Tuesday, February 15th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $13.69.

Shares of PTEN stock opened at $17.49 on Monday. The firm has a fifty day moving average of $14.52 and a 200-day moving average of $10.90. The company has a quick ratio of 1.24, a current ratio of 1.34 and a debt-to-equity ratio of 0.53. Patterson-UTI Energy has a 12-month low of $6.07 and a 12-month high of $17.54. The company has a market capitalization of $3.77 billion, a price-to-earnings ratio of -5.40 and a beta of 2.61.

Patterson-UTI Energy (NASDAQ:PTENGet Rating) last announced its quarterly earnings results on Thursday, February 10th. The oil and gas company reported ($0.38) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.03). The firm had revenue of $466.50 million during the quarter, compared to analyst estimates of $436.38 million. Patterson-UTI Energy had a negative net margin of 48.23% and a negative return on equity of 21.30%. The business’s revenue was up 111.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.57) EPS. On average, equities analysts expect that Patterson-UTI Energy will post -0.3 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 17th. Shareholders of record on Thursday, March 3rd were given a dividend of $0.04 per share. The ex-dividend date was Wednesday, March 2nd. This represents a $0.16 annualized dividend and a yield of 0.91%. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.02. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -4.94%.

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the business’s stock in a transaction dated Thursday, March 17th. The stock was sold at an average price of $15.04, for a total transaction of $1,504,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider James Michael Holcomb sold 66,730 shares of the business’s stock in a transaction dated Tuesday, March 1st. The shares were sold at an average price of $14.09, for a total value of $940,225.70. The disclosure for this sale can be found here. Insiders have sold 472,048 shares of company stock valued at $7,251,636 in the last three months. Insiders own 3.00% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Rosenberg Matthew Hamilton bought a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $26,000. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Patterson-UTI Energy in the 4th quarter valued at $26,000. Exane Derivatives bought a new position in Patterson-UTI Energy in the 4th quarter valued at $35,000. Point72 Hong Kong Ltd lifted its holdings in shares of Patterson-UTI Energy by 62.2% in the 3rd quarter. Point72 Hong Kong Ltd now owns 4,118 shares of the oil and gas company’s stock worth $37,000 after buying an additional 1,579 shares during the period. Finally, Advisor Group Holdings Inc. lifted its holdings in shares of Patterson-UTI Energy by 38.3% in the 4th quarter. Advisor Group Holdings Inc. now owns 4,849 shares of the oil and gas company’s stock worth $41,000 after buying an additional 1,342 shares during the period. 89.32% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile (Get Rating)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

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