Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have earned an average rating of “Moderate Buy” from the fifteen analysts that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have given a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $12.95.

A number of research firms have commented on PTEN. Piper Sandler upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price objective on the stock in a research note on Tuesday, July 14th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Finally, Royal Bank Of Canada increased 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 note on Friday, May 29th.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $12.18 on Friday. The firm has a market capitalization of $4.65 billion, a price-to-earnings ratio of -52.96 and a beta of 0.63. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The company has a 50 day moving average price of $10.12 and a 200 day moving average price of $10.31. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $13.08.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a yield of 3.3%. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Insider Transactions at Patterson-UTI Energy

In other news, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the sale, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the sale, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 363,670 shares of company stock valued at $4,212,677. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently bought and sold shares of the company. Quarry LP lifted 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 valued at $26,000 after acquiring an additional 3,862 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Patterson-UTI Energy in the 2nd quarter worth about $32,000. First Horizon Corp boosted its stake in shares of 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 valued at $34,000 after buying an additional 2,049 shares during the period. Rockefeller Capital Management L.P. lifted its position in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 4,299 shares during the period. Finally, Torren Management LLC acquired a new stake in Patterson-UTI Energy during the fourth quarter worth about $44,000. Institutional investors and hedge funds 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.