Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) SVP Seth David Wexler sold 37,500 shares of the firm’s stock in a transaction dated Thursday, September 14th. The stock was sold at an average price of $15.98, for a total value of $599,250.00. Following the sale, the senior vice president now directly owns 340,418 shares of the company’s stock, valued at $5,439,879.64. The transaction was disclosed in a document filed with the SEC, which is available through this link.
Patterson-UTI Energy Price Performance
Patterson-UTI Energy stock opened at $15.58 on Monday. Patterson-UTI Energy, Inc. has a 12 month low of $9.70 and a 12 month high of $19.81. The stock’s 50 day moving average is $14.80 and its 200-day moving average is $12.75. The company has a current ratio of 1.76, a quick ratio of 1.61 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $3.24 billion, a price-to-earnings ratio of 9.74, a PEG ratio of 0.29 and a beta of 2.38.
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last issued its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The company had revenue of $758.89 million for the quarter, compared to analyst estimates of $781.73 million. Patterson-UTI Energy had a return on equity of 21.22% and a net margin of 11.28%. The company’s quarterly revenue was up 22.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.05 EPS. Equities research analysts expect that Patterson-UTI Energy, Inc. will post 1.49 EPS for the current year.
Patterson-UTI Energy Dividend Announcement
Analysts Set New Price Targets
A number of brokerages have recently commented on PTEN. Piper Sandler increased their price objective on Patterson-UTI Energy from $17.00 to $19.00 and gave the company an “overweight” rating in a report on Monday, July 31st. Citigroup increased their price objective on Patterson-UTI Energy from $13.00 to $15.00 and gave the company a “neutral” rating in a report on Tuesday, July 18th. Benchmark raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Wednesday, July 19th. StockNews.com raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Saturday, September 2nd. Finally, Susquehanna reaffirmed a “positive” rating and issued a $18.00 target price on shares of Patterson-UTI Energy in a report on Wednesday, September 6th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus price target of $17.50.
Institutional Investors Weigh In On Patterson-UTI Energy
A number of large investors have recently modified their holdings of PTEN. Envestnet Asset Management Inc. lifted its stake in shares of Patterson-UTI Energy by 36.6% in the 4th quarter. Envestnet Asset Management Inc. now owns 52,848 shares of the oil and gas company’s stock valued at $890,000 after acquiring an additional 14,162 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Patterson-UTI Energy by 374.4% in the 1st quarter. Russell Investments Group Ltd. now owns 1,232,771 shares of the oil and gas company’s stock valued at $14,423,000 after acquiring an additional 972,936 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Patterson-UTI Energy by 34.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 20,539 shares of the oil and gas company’s stock valued at $240,000 after acquiring an additional 5,232 shares during the last quarter. Global Retirement Partners LLC raised its position in Patterson-UTI Energy by 16,649.7% during the 1st quarter. Global Retirement Partners LLC now owns 27,302 shares of the oil and gas company’s stock worth $281,000 after purchasing an additional 27,139 shares during the last quarter. Finally, Clarity Financial LLC bought a new position in Patterson-UTI Energy during the 4th quarter worth $274,000. Institutional investors and hedge funds own 97.91% of the company’s stock.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides 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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