Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Recommendation of “Hold” from Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has earned an average rating of “Hold” from the thirteen analysts that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $8.1111.

A number of equities analysts have recently weighed in on the company. Piper Sandler upped their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Royal Bank Of Canada upped their price objective on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $10.14 on Tuesday. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of -40.56 and a beta of 0.71. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $10.46. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The stock’s fifty day simple moving average is $8.08 and its 200-day simple moving average is $6.65.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $1.10 billion. During the same period in the prior year, the business earned ($0.13) EPS. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, sell-side analysts predict that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, March 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -160.00%.

Insider Activity

In related news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction on Thursday, December 18th. The stock was 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 owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Sourcerock Group LLC raised its stake in shares of Patterson-UTI Energy by 109.2% during 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 purchasing an additional 7,205,652 shares in the last quarter. Holocene Advisors LP grew its stake in shares of Patterson-UTI Energy by 176.6% in the 3rd 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 in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after buying an additional 5,551,276 shares in the last quarter. UBS Group AG increased its holdings in Patterson-UTI Energy by 121.2% in the fourth quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock worth $50,839,000 after buying an additional 4,558,445 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in Patterson-UTI Energy by 97.7% in the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after buying an additional 4,442,700 shares during the last quarter. 97.91% of the stock is 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.