Patterson-UTI Energy (NASDAQ:PTEN) Stock Crosses Above 200-Day Moving Average – Here’s Why

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $5.91 and traded as high as $6.95. Patterson-UTI Energy shares last traded at $6.75, with a volume of 9,641,981 shares changing hands.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PTEN. Royal Bank Of Canada lifted their price objective on Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Zacks Research upgraded Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research report on Thursday, September 25th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus target price of $7.28.

Patterson-UTI Energy Stock Down 0.9%

The stock has a market capitalization of $2.56 billion, a P/E ratio of -18.75 and a beta of 0.72. The stock has a 50 day moving average price of $6.08 and a 200-day moving average price of $5.91. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%.The firm’s quarterly revenue was down 13.4% compared to the same quarter last year. As a group, research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a $0.08 dividend. The ex-dividend date was Monday, December 1st. This represents a $0.32 annualized dividend and a dividend yield of 4.7%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -88.89%.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the sale, the director directly owned 207,000 shares in the company, valued at $1,215,090. This represents a 64.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently modified their holdings of PTEN. Dimensional Fund Advisors LP boosted its holdings in shares of Patterson-UTI Energy by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 17,000,602 shares of the oil and gas company’s stock worth $88,065,000 after purchasing an additional 304,718 shares during the period. American Century Companies Inc. lifted its holdings in Patterson-UTI Energy by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock worth $80,804,000 after buying an additional 1,135,704 shares during the period. Sourcerock Group LLC grew its position in shares of Patterson-UTI Energy by 109.2% in the 2nd 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 last quarter. ARGA Investment Management LP grew its position in shares of Patterson-UTI Energy by 3.5% in the 2nd quarter. ARGA Investment Management LP now owns 13,238,092 shares of the oil and gas company’s stock worth $78,502,000 after buying an additional 453,519 shares during the last quarter. Finally, Holocene Advisors LP increased its stake in shares of 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 valued at $47,801,000 after buying an additional 5,891,956 shares during the period. 97.91% of the stock is owned by institutional investors.

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.