Patterson-UTI Energy (NASDAQ:PTEN) Given New $9.00 Price Target at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) had its price target raised by Piper Sandler from $7.00 to $9.00 in a report released on Monday,Benzinga reports. Piper Sandler currently has a neutral rating on the oil and gas company’s stock.

PTEN has been the subject of several other reports. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Barclays restated an “equal weight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Royal Bank Of Canada raised their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average price target of $8.00.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $8.70 on Monday. The company has a market capitalization of $3.30 billion, a P/E ratio of -34.80 and a beta of 0.75. The company’s 50-day simple moving average is $6.76 and its two-hundred day simple moving average is $6.10. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $9.30. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the business earned ($0.13) earnings per share. Patterson-UTI Energy’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, equities analysts anticipate that Patterson-UTI Energy will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, March 2nd. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a dividend yield of 4.6%. Patterson-UTI Energy’s payout ratio is currently -128.00%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the transaction, the director owned 207,000 shares of the company’s stock, valued at $1,215,090. The trade was a 64.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the company. Quarry LP increased its position in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. Versant Capital Management Inc grew its stake in Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after buying an additional 3,343 shares during the last quarter. First Horizon Corp grew its stake in Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after buying an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Patterson-UTI Energy during the 3rd quarter valued at about $37,000. Finally, Torren Management LLC purchased a new stake in Patterson-UTI Energy in the fourth quarter valued at about $44,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

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.