Patterson-UTI Energy (NASDAQ:PTEN) Reaches New 52-Week High – Here’s Why

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week high on Monday . The stock traded as high as $11.75 and last traded at $11.5720, with a volume of 526952 shares changing hands. The stock had previously closed at $11.36.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of analyst reports. The Goldman Sachs Group lifted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Stifel Nicolaus raised their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Finally, Citigroup increased their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Hold” and an average target price of $8.11.

Patterson-UTI Energy Trading Down 2.0%

The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of -43.32 and a beta of 0.71. The business’s fifty day moving average is $8.95 and its 200 day moving average is $7.06. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.13) EPS. Equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.10 per share. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Monday, March 2nd. Patterson-UTI Energy’s payout ratio is currently -160.00%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors have recently bought and sold shares of PTEN. Tejara Capital Ltd lifted its position in shares of Patterson-UTI Energy by 65.1% in the third quarter. Tejara Capital Ltd now owns 554,993 shares of the oil and gas company’s stock worth $2,875,000 after purchasing an additional 218,856 shares in the last quarter. Citigroup Inc. increased its stake in Patterson-UTI Energy by 10.3% in the 3rd quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock valued at $7,717,000 after buying an additional 139,561 shares during the last quarter. New York State Teachers Retirement System lifted its position in Patterson-UTI Energy by 71.9% during the 3rd quarter. New York State Teachers Retirement System now owns 551,671 shares of the oil and gas company’s stock worth $2,858,000 after buying an additional 230,800 shares in the last quarter. Magnetar Financial LLC boosted its stake in shares of Patterson-UTI Energy by 728.4% during the 3rd quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company’s stock worth $1,455,000 after buying an additional 247,010 shares during the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at about $1,461,000. Institutional investors 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.