Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $12.00 by Analysts at Susquehanna

Patterson-UTI Energy (NASDAQ:PTEN) had its target price trimmed by Susquehanna from $14.00 to $12.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has a positive rating on the oil and gas company’s stock.

A number of other equities research analysts also recently issued reports on PTEN. Piper Sandler upped their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 27th. Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Morgan Stanley boosted their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. Stifel Nicolaus increased their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.15.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $9.70 on Wednesday. The stock has a 50 day moving average price of $11.09 and a two-hundred day moving average price of $9.51. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $13.08. The firm has a market capitalization of $3.68 billion, a P/E ratio of -31.29 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 12.7% on a year-over-year basis. Equities analysts forecast that Patterson-UTI Energy will post -0.14 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.40 annualized dividend and a yield of 4.1%. Patterson-UTI Energy’s dividend payout ratio is -129.03%.

Insider Activity

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the transaction, the chief executive officer owned 2,823,103 shares in the company, valued at $33,453,770.55. This trade represents a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the completion of the sale, the director directly owned 1,190,248 shares in the company, valued at approximately $14,330,585.92. This trade represents a 21.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in PTEN. Quarry LP lifted its stake in Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. First Horizon Corp grew its holdings in shares of Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in shares of Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 4,299 shares during the last quarter. Torren Management LLC bought a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $44,000. Finally, EverSource Wealth Advisors LLC raised its position in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 7,171 shares in the last quarter. 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.