Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Up 3.8% After Analyst Upgrade

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares rose 3.8% during mid-day trading on Tuesday after Susquehanna raised their price target on the stock from $10.00 to $13.00. Susquehanna currently has a positive rating on the stock. Patterson-UTI Energy traded as high as $10.99 and last traded at $10.9950. Approximately 1,045,940 shares changed hands during trading, a decline of 91% from the average daily volume of 11,030,171 shares. The stock had previously closed at $10.59.

A number of other equities analysts have also recently issued reports on PTEN. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Royal Bank Of Canada raised their target price on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Stifel Nicolaus raised their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Piper Sandler raised their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Finally, The Goldman Sachs Group raised their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $8.78.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tejara Capital Ltd raised its position in Patterson-UTI Energy by 65.1% in the 3rd quarter. Tejara Capital Ltd now owns 554,993 shares of the oil and gas company’s stock valued at $2,875,000 after buying an additional 218,856 shares during the last quarter. Citigroup Inc. raised its position in Patterson-UTI Energy by 10.3% in the 3rd quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock valued at $7,717,000 after buying an additional 139,561 shares during the last quarter. New York State Teachers Retirement System raised its position in Patterson-UTI Energy by 71.9% in the 3rd quarter. New York State Teachers Retirement System now owns 551,671 shares of the oil and gas company’s stock valued at $2,858,000 after buying an additional 230,800 shares during the last quarter. Magnetar Financial LLC raised its position in Patterson-UTI Energy by 728.4% in the 3rd quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company’s stock valued at $1,455,000 after buying an additional 247,010 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in Patterson-UTI Energy by 14.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,367,213 shares of the oil and gas company’s stock valued at $7,082,000 after buying an additional 169,816 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

The stock has a 50-day moving average of $9.28 and a 200-day moving average of $7.24. The firm has a market cap of $4.26 billion, a price-to-earnings ratio of -44.92 and a beta of 0.57. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.09. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The business’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.13) EPS. As a group, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS 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. Shareholders of record on Monday, March 2nd were given a dividend of $0.10 per share. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.40 annualized dividend and a dividend yield of 3.6%. Patterson-UTI Energy’s payout ratio is presently -160.00%.

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.