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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been given a consensus rating of “Moderate Buy” by the fifteen brokerages that are presently covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $12.10.

A number of brokerages have weighed in on PTEN. Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Royal Bank Of Canada upped their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday. The Goldman Sachs Group boosted their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Barclays upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. Finally, Stifel Nicolaus boosted their price objective on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, April 24th.

Insider Buying and Selling

In related news, 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 sale, the director owned 77,462 shares in the company, valued at $952,007.98. The trade was a 11.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the business’s 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 represents a 5.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 808,949 shares of company stock worth $9,387,035 in the last 90 days. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of PTEN. Royal Bank of Canada grew its position in Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after acquiring an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Patterson-UTI Energy by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock valued at $1,904,000 after buying an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Patterson-UTI Energy by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after buying an additional 220,422 shares during the last quarter. United Services Automobile Association bought a new stake in shares of Patterson-UTI Energy in the 1st quarter valued at about $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Patterson-UTI Energy by 3.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after buying an additional 30,217 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 0.8%

Shares of PTEN opened at $11.21 on Friday. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.08. The business’s fifty day moving average is $11.25 and its 200-day moving average is $8.63. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The firm has a market cap of $4.26 billion, a price-to-earnings ratio of -36.16 and a beta of 0.64.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly 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. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. The company’s revenue was down 12.7% on a year-over-year basis. Equities analysts anticipate that Patterson-UTI Energy will post -0.16 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.10 per share. 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 payout ratio is currently -129.03%.

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.