Patterson-UTI Energy (NASDAQ:PTEN) Given New $13.00 Price Target at Susquehanna

Patterson-UTI Energy (NASDAQ:PTEN) had its price target raised by Susquehanna from $10.00 to $13.00 in a research note published on Tuesday,Benzinga reports. Susquehanna currently has a positive rating on the oil and gas company’s stock.

PTEN has been the subject of several other research reports. 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 report on Wednesday, December 10th. Piper Sandler raised their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. The Goldman Sachs Group lifted their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Finally, Royal Bank Of Canada lifted their price target on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Five analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy has a consensus rating of “Hold” and a consensus target price of $8.78.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $11.23 on Tuesday. The stock has a market capitalization of $4.26 billion, a price-to-earnings ratio of -44.92 and a beta of 0.57. The business has a 50-day moving average of $9.28 and a 200-day moving average of $7.24. 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 has a fifty-two week low of $5.10 and a fifty-two week high of $11.75.

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 for the quarter, beating the consensus estimate of ($0.11) by $0.09. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.Patterson-UTI Energy’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.13) EPS. As a group, 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 firm also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a dividend of $0.10 per share. The ex-dividend date was Monday, March 2nd. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a yield of 3.6%. Patterson-UTI Energy’s dividend payout ratio is -160.00%.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of Patterson-UTI Energy stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its holdings in shares of Patterson-UTI Energy by 8.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 18,465,704 shares of the oil and gas company’s stock worth $112,825,000 after acquiring an additional 1,465,102 shares during the period. American Century Companies Inc. boosted its holdings in shares of Patterson-UTI Energy by 7.9% during the third quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock worth $80,804,000 after acquiring an additional 1,135,704 shares during the period. State Street Corp boosted its holdings in shares of Patterson-UTI Energy by 0.5% during the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after acquiring an additional 75,560 shares during the period. Sourcerock Group LLC boosted its holdings in shares of Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after acquiring an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after acquiring an additional 5,551,276 shares during the period. Institutional investors own 97.91% of the company’s stock.

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.