Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $10.00 at Barclays

Patterson-UTI Energy (NASDAQ:PTEN) had its price target increased by Barclays from $8.00 to $10.00 in a report released on Monday,Benzinga reports. They currently have an equal weight rating on the oil and gas company’s stock.

A number of other research analysts have also recently commented on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Stifel Nicolaus upped their target price on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a research note on Friday. Susquehanna upped their target price on Patterson-UTI Energy from $10.00 to $13.00 and gave the company a “positive” rating in a research note on Tuesday, April 7th. The Goldman Sachs Group upped their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. Finally, Citigroup upped their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a research note 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 given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $11.30.

Patterson-UTI Energy Trading Up 1.1%

Shares of NASDAQ PTEN opened at $11.46 on Monday. The business’s 50 day moving average is $9.95 and its two-hundred day moving average is $7.72. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $11.75. The stock has a market capitalization of $4.35 billion, a P/E ratio of -36.97 and a beta of 0.57.

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

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid 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 is -129.03%.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the 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 legal filing with the SEC, which is available at the SEC website. 2.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP grew its stake in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. Versant Capital Management Inc grew its stake in Patterson-UTI Energy by 127.3% in the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 3,343 shares in the last quarter. First Horizon Corp grew its stake in Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,049 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Patterson-UTI Energy in the third quarter worth approximately $37,000. Finally, Rockefeller Capital Management L.P. grew its stake in Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 4,299 shares in the last quarter. 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.