Royal Bank Of Canada Issues Positive Forecast for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective lifted by Royal Bank Of Canada from $14.00 to $15.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an outperform rating on the oil and gas company’s stock.

Other research analysts also recently issued reports about the company. Stifel Nicolaus upped their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Barclays upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $10.00 to $15.00 in a research note on Thursday, May 7th. Morgan Stanley upped their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. 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 on the stock in a research note on Monday, April 20th. Finally, Susquehanna upped their price target on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the company a “positive” rating in a research note on Wednesday. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $12.10.

Patterson-UTI Energy Trading Down 0.8%

Patterson-UTI Energy stock opened at $11.21 on Friday. The business has a 50-day simple moving average of $11.25 and a two-hundred day simple moving average of $8.63. The company has a market cap of $4.26 billion, a P/E ratio of -36.16 and a beta of 0.64. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.08. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.Patterson-UTI Energy’s quarterly revenue was down 12.7% on a year-over-year basis. Analysts predict that Patterson-UTI Energy will post -0.16 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.10 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.6%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -129.03%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $12.02, for a total value of $738,929.50. Following the sale, the director owned 1,128,773 shares in the company, valued at $13,567,851.46. This trade represents a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the sale, the chief executive officer owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. The trade was a 8.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 808,949 shares of company stock worth $9,387,035 over the last quarter. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently made changes to their positions in the company. Tejara Capital Ltd boosted its holdings in 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 acquiring an additional 218,856 shares in the last quarter. Citigroup Inc. boosted its holdings in Patterson-UTI Energy by 10.3% in the third quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock worth $7,717,000 after acquiring an additional 139,561 shares in the last quarter. Public Sector Pension Investment Board lifted its holdings in shares of Patterson-UTI Energy by 14.2% during the third quarter. Public Sector Pension Investment Board now owns 1,367,213 shares of the oil and gas company’s stock worth $7,082,000 after purchasing an additional 169,816 shares during the period. Magnetar Financial LLC lifted its holdings in shares of Patterson-UTI Energy by 728.4% during the third quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company’s stock worth $1,455,000 after purchasing an additional 247,010 shares during the period. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Patterson-UTI Energy during the third quarter worth about $2,206,000. 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.