Analysts Set Patterson-UTI Energy, Inc. (NASDAQ:PTEN) PT at $8.11

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned a consensus rating of “Hold” from the thirteen analysts that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $8.1111.

PTEN has been the subject of several research analyst reports. Stifel Nicolaus boosted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Citigroup raised their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Piper Sandler upped their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Finally, Royal Bank Of Canada raised their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, February 6th.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP grew its holdings in shares of Patterson-UTI Energy by 8.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 18,465,704 shares of the oil and gas company’s stock worth $112,825,000 after purchasing an additional 1,465,102 shares during the last quarter. American Century Companies Inc. raised its holdings in Patterson-UTI Energy by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock valued at $80,804,000 after buying an additional 1,135,704 shares during the last quarter. State Street Corp boosted its position in Patterson-UTI Energy by 0.5% during the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after buying an additional 75,560 shares during the period. Sourcerock Group LLC boosted its position in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. grew its holdings in Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after acquiring an additional 5,551,276 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $10.72 on Tuesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $11.09. The stock has a market capitalization of $4.07 billion, a P/E ratio of -42.88 and a beta of 0.71. The stock has a fifty day moving average of $8.48 and a 200-day moving average of $6.83.

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

Patterson-UTI Energy Increases Dividend

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

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.