Citigroup Issues Positive Forecast for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its price target boosted by Citigroup from $7.00 to $9.00 in a research report report published on Monday morning,Benzinga reports. They currently have a neutral rating on the oil and gas company’s stock.

PTEN has been the topic of a number of other reports. Royal Bank Of Canada raised their price objective on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday. Piper Sandler increased their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Finally, Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Hold” and a consensus price target of $8.00.

Patterson-UTI Energy Stock Up 0.5%

Patterson-UTI Energy stock opened at $8.70 on Monday. The company’s 50 day simple moving average is $6.76 and its 200 day simple moving average is $6.10. The firm has a market capitalization of $3.30 billion, a price-to-earnings ratio of -34.80 and a beta of 0.75. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $9.30. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.09. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.13) EPS. As a group, sell-side analysts anticipate that Patterson-UTI Energy will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 4.6%. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, March 2nd. Patterson-UTI Energy’s payout ratio is -128.00%.

Insider Activity

In other news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the transaction, the director owned 207,000 shares in the company, valued at approximately $1,215,090. This trade represents a 64.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 made changes to their positions in the stock. Royal Bank of Canada boosted its holdings in shares of Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after acquiring an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Patterson-UTI Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after buying an additional 10,142 shares during the period. Goldman Sachs Group Inc. grew its holdings in Patterson-UTI Energy by 4.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after acquiring an additional 220,422 shares during the period. United Services Automobile Association acquired a new stake in Patterson-UTI Energy during the first quarter worth approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Patterson-UTI Energy by 3.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock worth $7,106,000 after buying an additional 30,217 shares in the last quarter. 97.91% of the stock is owned by 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.