Patterson-UTI Energy (NASDAQ:PTEN) Given New $17.00 Price Target at Royal Bank Of Canada

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective increased by Royal Bank Of Canada from $15.00 to $17.00 in a research note published on Friday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the oil and gas company’s stock.

PTEN has been the topic of several other reports. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target on the stock in a report on Friday, July 31st. Citigroup decreased their price objective on shares of Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Piper Sandler reissued an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Finally, Weiss Ratings upgraded Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Nine analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $13.59.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $13.32 on Friday. Patterson-UTI Energy has a 1 year low of $5.24 and a 1 year high of $13.39. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.73 and a quick ratio of 1.57. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of -222.00 and a beta of 0.77. The company has a fifty day moving average price of $11.89 and a 200-day moving average price of $10.52.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the company posted ($0.10) earnings per share. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. As a group, equities research analysts predict that Patterson-UTI Energy will post 0.01 EPS for the current fiscal 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 given a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.0%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -173.91%.

Insiders Place Their Bets

In other news, CEO William Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction on Friday, September 18th. The stock was sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the sale, the chief executive officer directly owned 2,042,474 shares in the company, valued at $24,325,865.34. The trade was a 10.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Drummond Jr. sold 198,395 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the transaction, the director directly owned 928,773 shares in the company, valued at $11,934,733.05. This trade represents a 17.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 1,027,000 shares of company stock valued at $12,698,780. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Patterson-UTI Energy

Several hedge funds have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC raised its stake in Patterson-UTI Energy by 6.2% in the first quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock worth $231,000 after buying an additional 1,255 shares in the last quarter. ProShare Advisors LLC lifted its holdings in Patterson-UTI Energy by 2.6% in the third quarter. ProShare Advisors LLC now owns 51,413 shares of the oil and gas company’s stock worth $561,000 after buying an additional 1,297 shares during the period. Choreo LLC boosted its position in Patterson-UTI Energy by 2.9% during the 3rd quarter. Choreo LLC now owns 48,047 shares of the oil and gas company’s stock valued at $525,000 after acquiring an additional 1,333 shares in the last quarter. Farther Finance Advisors LLC boosted its position in Patterson-UTI Energy by 39.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company’s stock valued at $67,000 after acquiring an additional 1,732 shares in the last quarter. Finally, Assetmark Inc. boosted its position in Patterson-UTI Energy by 8.1% during the 1st quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock valued at $258,000 after acquiring an additional 1,786 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Key Stories Impacting Patterson-UTI Energy

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

• Positive Sentiment: Analysts raised their price targets: Royal Bank of Canada increased its target from $15 to $17 and maintained an “outperform” rating. Royal Bank of Canada recommendations
• Positive Sentiment: Barclays raised its target from $16 to $17 and maintained an “overweight” rating, while Susquehanna lifted its target from $13 to $15 and assigned a “positive” rating. The revisions imply further upside and reflect improving expectations for PTEN’s earnings and operating performance. Barclays recommendations Susquehanna recommendations
• Positive Sentiment: Q3 results beat expectations: Patterson-UTI reported earnings of $0.07 per share versus the $0.04 consensus estimate, while revenue rose 14.1% year over year to $1.34 billion, above the $1.31 billion forecast. Results also improved from a $0.10-per-share loss in the prior-year quarter. Patterson-UTI Q3 earnings results
• Positive Sentiment: Constructive outlook: Management expects approximately $150 million in fourth-quarter drilling-services adjusted gross profit and plans to keep 2026 capital expenditures below $600 million. The combination of profitability and capital discipline supports the bullish analyst view. Patterson-UTI Q4 outlook
• Neutral Sentiment: PTEN declared a quarterly dividend of $0.10 per share, or $0.40 annualized, representing a yield of approximately 3.2%. The dividend adds shareholder income, although the company continues to report a slightly negative net margin and return on equity.

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.