Patterson-UTI Energy (NASDAQ:PTEN) Reaches New 1-Year High – Should You Buy?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.67 and last traded at $12.7220, with a volume of 934546 shares traded. The stock had previously closed at $12.42.

Analysts Set New Price Targets

Several brokerages recently weighed in on PTEN. Royal Bank Of Canada raised their price target on shares of Patterson-UTI Energy from $12.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Susquehanna raised their price target on shares of Patterson-UTI Energy from $10.00 to $13.00 and gave the company a “positive” rating in a research report on Tuesday, April 7th. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research report on Monday, April 20th. The Goldman Sachs Group raised 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 Wednesday, April 15th. Finally, Piper Sandler raised their price target on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.80.

Patterson-UTI Energy Price Performance

The business’s 50 day moving average price is $10.79 and its 200 day moving average price is $8.23. The stock has a market capitalization of $4.86 billion, a P/E ratio of -41.30 and a beta of 0.64. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm’s revenue for the quarter was down 12.7% compared to the same quarter last year. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.21 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -129.03%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 322,699 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the transaction, the director owned 1,190,248 shares of the company’s stock, valued at $14,330,585.92. The trade was a 21.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares in the company, valued at $952,007.98. This trade represents a 11.43% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 808,949 shares of company stock worth $9,387,035 in the last 90 days. 2.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds have recently bought and sold shares of the business. Quarry LP raised its stake in Patterson-UTI Energy by 360.3% during the third 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 in the last quarter. Versant Capital Management Inc increased its position in Patterson-UTI Energy by 127.3% during the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 3,343 shares during the last quarter. First Horizon Corp increased its position in Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in Patterson-UTI Energy during the third quarter valued at $37,000. Finally, Rockefeller Capital Management L.P. increased its position in 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 valued at $40,000 after acquiring an additional 4,299 shares during the last quarter. Hedge funds and other institutional investors 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.