Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Average Recommendation of “Moderate Buy” from Brokerages

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has earned an average rating of “Moderate Buy” from the fifteen ratings firms that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have issued a buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $13.25.

PTEN has been the topic of several analyst reports. Royal Bank Of Canada lifted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Citigroup boosted their price objective on shares of Patterson-UTI Energy from $10.50 to $13.50 and gave the company a “neutral” rating in a research report on Friday, September 4th. Piper Sandler reaffirmed an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Stifel Nicolaus increased their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th.

Insiders Place Their Bets

In related news, EVP Seth Wexler sold 120,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the completion of the transaction, the executive vice president owned 404,582 shares in the company, valued at $5,158,420.50. This represents a 22.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Stewart sold 207,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 777,000 shares of company stock worth $9,721,280 in the last ninety days. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently modified their holdings of the stock. Convergence Investment Partners LLC purchased a new position in Patterson-UTI Energy in the first quarter worth about $1,325,000. Prescott Group Capital Management L.L.C. purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth approximately $1,161,000. Gagnon Securities LLC grew its position in Patterson-UTI Energy by 69.0% during the fourth quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock valued at $2,155,000 after buying an additional 144,080 shares during the period. Quantinno Capital Management LP grew its position in Patterson-UTI Energy by 163.5% during the first quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock valued at $5,457,000 after buying an additional 312,680 shares during the period. Finally, Pictet Asset Management Holding SA increased its holdings in Patterson-UTI Energy by 686.1% during the first quarter. Pictet Asset Management Holding SA now owns 475,726 shares of the oil and gas company’s stock valued at $5,152,000 after buying an additional 415,209 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $12.42 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $13.39. The business’s 50 day simple moving average is $11.05 and its two-hundred day simple moving average is $10.82. The stock has a market capitalization of $4.74 billion, a P/E ratio of -54.00 and a beta of 0.66.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -173.91%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy-services company that provides drilling, completion, and production-related services to oil and natural gas operators. Its operations support the development of unconventional and other onshore energy resources, primarily in North America.

The company’s offerings include contract land drilling, pressure pumping, well completion services, directional drilling, downhole tools, and related drilling technologies. Patterson-UTI also provides equipment, technical services, and other solutions used throughout the well-construction and completion process.

Patterson-UTI traces its history to the late 1970s and expanded its service platform through acquisitions and strategic combinations.