Patterson-UTI Energy (NASDAQ:PTEN) Given New $12.00 Price Target at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective hoisted by Piper Sandler from $10.00 to $12.00 in a report released on Monday,Benzinga reports. The firm currently has a neutral rating on the oil and gas company’s stock.

A number of other brokerages also recently weighed in on PTEN. Susquehanna increased their price target on Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a “positive” rating in a report on Tuesday, April 7th. Stifel Nicolaus increased their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Friday. Royal Bank Of Canada increased their price target on Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday. Citigroup increased their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $11.30.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $11.46 on Monday. The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of -36.97 and a beta of 0.57. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $11.75. The stock has a fifty day simple moving average of $9.95 and a 200 day simple moving average of $7.72. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.Patterson-UTI Energy’s revenue was down 12.7% compared to the same quarter last year. Sell-side analysts expect that Patterson-UTI Energy will post -0.31 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 annualized dividend and a yield of 3.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -129.03%.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the firm’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in Patterson-UTI Energy by 8.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 18,465,704 shares of the oil and gas company’s stock valued at $112,825,000 after acquiring an additional 1,465,102 shares in the last quarter. American Century Companies Inc. lifted its position in Patterson-UTI Energy by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock valued at $80,804,000 after acquiring an additional 1,135,704 shares in the last quarter. State Street Corp lifted its position in Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after acquiring an additional 75,560 shares in the last quarter. Sourcerock Group LLC lifted its position in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in 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 acquiring an additional 5,551,276 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

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.