Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) shares passed below its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $11.88 and traded as low as $11.77. Patterson-UTI Energy shares last traded at $11.7860, with a volume of 11,805,857 shares traded.
Analyst Upgrades and Downgrades
Several brokerages recently commented on PTEN. Susquehanna increased their price target on Patterson-UTI Energy from $13.00 to $15.00 and gave the company a “positive” rating in a research report on Friday. Citigroup lowered their price target on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. Barclays upped their price objective on Patterson-UTI Energy from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday. Weiss Ratings raised Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Finally, Morgan Stanley increased their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company an “equal weight” rating in a report on Monday. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $13.91.
Check Out Our Latest Research Report on Patterson-UTI Energy
Patterson-UTI Energy Price Performance
The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The firm has a market cap of $4.50 billion, a P/E ratio of -196.43 and a beta of 0.77. The business has a fifty day moving average of $11.88 and a 200 day moving average of $10.54.
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last announced its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.31 billion. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. The business’s revenue was up 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.10) earnings per share. On average, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post 0.01 earnings per share for the current year.
Patterson-UTI Energy Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Tuesday, December 1st. Patterson-UTI Energy’s payout ratio is currently -666.67%.
Insiders Place Their Bets
In other Patterson-UTI Energy news, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the completion of the transaction, the executive vice president directly owned 404,582 shares of the company’s stock, valued at $5,158,420.50. The trade was a 22.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,027,000 shares of company stock valued at $12,698,780 over the last 90 days. 2.20% of the stock is owned by insiders.
Institutional Trading of Patterson-UTI Energy
A number of hedge funds have recently modified their holdings of PTEN. BlackRock Inc. bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $577,234,000. Dimensional Fund Advisors LP grew its stake in 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 buying an additional 2,745,872 shares during the last quarter. Principal Financial Group Inc. raised its holdings in Patterson-UTI Energy by 11.0% in the 1st quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock valued at $102,347,000 after acquiring an additional 934,766 shares during the period. Webs Creek Capital Management LP bought a new position in Patterson-UTI Energy in the 2nd quarter valued at about $53,729,934. Finally, Bank of America Corp DE raised its holdings in Patterson-UTI Energy by 10.9% in the 1st quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company’s stock valued at $52,581,000 after acquiring an additional 475,623 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, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.
The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.
Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.
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