Patterson-UTI Energy (NASDAQ:PTEN) Upgraded by Capital One Financial to “Overweight” Rating

Capital One Financial upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from an equal weight rating to an overweight rating in a research note issued to investors on Monday, MarketBeat reports. They currently have $12.00 price target on the oil and gas company’s stock.

Several other research analysts also recently commented on PTEN. Citigroup lifted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Finally, Piper Sandler boosted their price objective on shares of Patterson-UTI Energy from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $9.90.

Patterson-UTI Energy Stock Up 3.7%

Shares of NASDAQ PTEN opened at $9.77 on Monday. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $11.75. The firm’s fifty day moving average is $9.67 and its 200 day moving average is $7.54. The company has a market cap of $3.71 billion, a price-to-earnings ratio of -39.08 and a beta of 0.57.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the firm earned ($0.13) earnings per share. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, equities research analysts expect that Patterson-UTI Energy will post -0.31 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed 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 represents a $0.40 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date of this dividend was Monday, March 2nd. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s payout ratio is presently -160.00%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $10.18, for a total transaction of $1,677,409.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PTEN. Tejara Capital Ltd grew its position in shares of 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 worth $2,875,000 after buying an additional 218,856 shares during the period. Citigroup Inc. grew its position in shares of 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 worth $7,717,000 after buying an additional 139,561 shares during the period. New York State Teachers Retirement System grew its position in shares of 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 worth $2,858,000 after buying an additional 230,800 shares during the period. Magnetar Financial LLC grew its position in shares of 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 worth $1,455,000 after buying an additional 247,010 shares during the period. Finally, Public Sector Pension Investment Board grew its position in shares of 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 worth $7,082,000 after buying an additional 169,816 shares during the period. 97.91% of the stock is owned by hedge funds and other 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.