Patterson-UTI Energy (NASDAQ:PTEN) Reaches New 52-Week High – Still a Buy?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares reached a new 52-week high during trading on Thursday . The company traded as high as $13.39 and last traded at $12.8130, with a volume of 403068 shares. The stock had previously closed at $12.93.

Analysts Set New Price Targets

Several research analysts have commented on PTEN shares. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Citigroup upped their price target on shares of Patterson-UTI Energy from $10.50 to $13.50 and gave the company a “neutral” rating in a research report on Friday, September 4th. Finally, Barclays increased their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus price target of $13.25.

Patterson-UTI Energy Price Performance

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 stock’s fifty day moving average price is $10.80 and its 200-day moving average price is $10.72. The firm has a market cap of $4.90 billion, a PE ratio of -55.72 and a beta of 0.66.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -173.91%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Drummond Jr. sold 198,395 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the sale, the director owned 928,773 shares in the company, valued at approximately $11,934,733.05. This represents a 17.60% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $12.93, for a total value of $3,232,500.00. Following the transaction, the chief executive officer directly owned 2,292,474 shares of the company’s stock, valued at $29,641,688.82. The trade was a 9.83% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 777,000 shares of company stock worth $9,721,280 in the last quarter. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Large investors have recently made changes to their positions in the stock. Quarry LP raised its stake in Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $32,000. Rockefeller Capital Management L.P. grew its holdings in shares of Patterson-UTI Energy by 187.6% during 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 buying an additional 4,299 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 7,171 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd lifted its stake in shares of Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 1,547 shares during the period. Institutional investors and hedge funds 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.