Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Down 3.8% – What’s Next?

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) dropped 3.8% during trading on Tuesday . The stock traded as low as $10.07 and last traded at $10.1550. Approximately 2,912,442 shares changed hands during trading, a decline of 74% from the average daily volume of 11,190,752 shares. The stock had previously closed at $10.56.

Key Headlines Impacting Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Goldman Sachs raised its price target from $9 to $11 and maintained a “buy” rating — the most bullish of the recent analyst notes and a likely driver of upward momentum in PTEN shares. Read More. Read More.
• Positive Sentiment: Yahoo published a piece noting that PTEN shares were surging as markets reacted to the analyst moves and renewed optimism for oilfield services demand. Read More.
• Neutral Sentiment: Citigroup lifted its price target to $11 but kept a “neutral” rating — a PT increase that signals better valuation yet a restrained endorsement, which may limit further strong upside. Read More.
• Neutral Sentiment: Morgan Stanley raised its target from $7 to $10 and kept an “equal weight” stance, signaling revised fair-value assumptions without changing the stock’s recommended role in portfolios. Read More.
• Neutral Sentiment: Piper Sandler nudged its target to $10 with a “neutral” rating — another upward re-price that stops short of a bullish upgrade. Read More.
• Negative Sentiment: Another Yahoo article noted PTEN traded lower earlier in the session, reflecting intraday profit-taking and sector volatility despite the analyst headlines — a reminder that analyst actions can produce two-way intraday moves. Read More.

Analysts Set New Price Targets

PTEN has been the subject of several analyst reports. Morgan Stanley increased their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research report on Wednesday. Piper Sandler increased their price target on shares of Patterson-UTI Energy from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday. Stifel Nicolaus increased their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus target price of $9.67.

Patterson-UTI Energy Trading Up 3.2%

The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of -40.94 and a beta of 0.57. The company’s fifty day moving average price is $9.59 and its 200-day moving average price is $7.43.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data 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. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the company posted ($0.13) earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.9%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date was Monday, March 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -160.00%.

Insiders Place Their Bets

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 shares were sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP increased its holdings 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 worth $26,000 after buying an additional 3,862 shares during the period. First Horizon Corp boosted its position in Patterson-UTI Energy by 58.5% in the 4th 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. Versant Capital Management Inc boosted its position in Patterson-UTI Energy by 127.3% in the 3rd 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. Rockefeller Capital Management L.P. boosted its position in Patterson-UTI Energy by 187.6% in the 4th 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. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Patterson-UTI Energy in the 3rd quarter worth approximately $37,000. 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.