Patterson-UTI Energy (NASDAQ:PTEN) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a neutral rating to an overweight rating in a research report sent to investors on Tuesday, Marketbeat reports. They currently have $13.00 price objective on the oil and gas company’s stock.

A number of other research analysts also recently commented on the stock. Susquehanna cut their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating on the stock in a research report on Wednesday, July 8th. Royal Bank Of Canada upped their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Citigroup dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research note on Monday, June 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Finally, The Goldman Sachs Group boosted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $12.15.

Patterson-UTI Energy Price Performance

PTEN opened at $9.64 on Tuesday. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of -31.10 and a beta of 0.62. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $13.08. The business’s fifty day simple moving average is $10.81 and its 200-day simple moving average is $9.67.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating 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 firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy’s revenue was down 12.7% compared to the same quarter last year. On average, equities research analysts anticipate that Patterson-UTI Energy will post -0.11 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 4.1%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

Insider Activity

In other news, CAO Forrest C. Robinson sold 13,670 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the sale, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 1,007,844 shares of company stock worth $11,922,302. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of large investors have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its position in shares of Patterson-UTI Energy by 14.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after purchasing an additional 2,745,872 shares during the last quarter. State Street Corp grew its position in Patterson-UTI Energy by 0.5% during the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after purchasing an additional 75,560 shares during the last quarter. Sourcerock Group LLC increased its stake in Patterson-UTI Energy by 109.2% during 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 purchasing an additional 7,205,652 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Patterson-UTI Energy by 110.8% during 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 purchasing an additional 5,551,276 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Patterson-UTI Energy by 11.0% in the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock worth $102,347,000 after buying an additional 934,766 shares during the last quarter. Hedge funds and other 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.