Patterson-UTI Energy (NASDAQ:PTEN – Free Report) had its price objective raised by Morgan Stanley from $12.00 to $13.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an equal weight rating on the oil and gas company’s stock.
PTEN has been the subject of several other reports. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Barclays increased their price objective on shares of Patterson-UTI Energy from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Friday, October 30th. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Susquehanna boosted their target price on shares of Patterson-UTI Energy from $13.00 to $15.00 and gave the company a “positive” rating in a research report on Friday, October 30th. Finally, UBS Group boosted their target price on shares of Patterson-UTI Energy from $13.00 to $13.50 and gave the company a “neutral” rating in a research report on Friday, October 30th. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.09.
Read Our Latest Research Report on Patterson-UTI Energy
Patterson-UTI Energy Trading Down 9.4%
Patterson-UTI Energy stock opened at $10.65 on Monday. The company has a quick ratio of 1.57, a current ratio of 1.73 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy has a 52 week low of $5.24 and a 52 week high of $13.39. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of -177.50 and a beta of 0.79. The stock has a 50-day moving average price of $11.86 and a 200 day moving average price of $10.58.
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.03. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The company had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the company earned ($0.10) EPS. Patterson-UTI Energy’s quarterly revenue was up 14.1% on a year-over-year basis. Sell-side analysts anticipate that Patterson-UTI Energy will post 0.02 EPS for the current year.
Patterson-UTI Energy Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.8%. Patterson-UTI Energy’s payout ratio is presently -666.67%.
Insider Buying and Selling
In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the sale, the chief executive officer owned 2,042,474 shares of the company’s stock, valued at $24,325,865.34. This trade represents a 10.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Wayne Drummond, Jr. sold 198,395 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the transaction, the director directly owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. This trade represents a 17.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 1,027,000 shares of company stock worth $12,698,780. 2.20% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Patterson-UTI Energy
Several large investors have recently made changes to their positions in PTEN. Keybank National Association OH acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $112,000. M&G PLC increased its stake in shares of Patterson-UTI Energy by 17.4% during the third quarter. M&G PLC now owns 648,208 shares of the oil and gas company’s stock worth $7,130,000 after purchasing an additional 95,921 shares in the last quarter. Calamos Advisors LLC purchased a new stake in shares of Patterson-UTI Energy during the third quarter worth about $178,000. Kestra Advisory Services LLC purchased a new stake in shares of Patterson-UTI Energy during the third quarter worth about $124,000. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Patterson-UTI Energy by 9.7% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 85,590 shares of the oil and gas company’s stock worth $935,000 after purchasing an additional 7,600 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.
About Patterson-UTI Energy
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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