Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Consensus Recommendation of “Hold” by Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has received an average recommendation of “Hold” from the fifteen research firms that are presently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $12.40.

A number of analysts have recently commented on the company. Morgan Stanley boosted their price objective 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. Piper Sandler boosted their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 27th. Stifel Nicolaus boosted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a research note on Monday, April 20th. Finally, The Goldman Sachs Group boosted their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th.

Patterson-UTI Energy Stock Down 5.5%

PTEN opened at $9.52 on Thursday. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $13.08. 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 stock’s fifty day moving average is $11.36 and its 200-day moving average is $9.30. The company has a market capitalization of $3.61 billion, a PE ratio of -30.71 and a beta of 0.61.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $1.11 billion. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, equities analysts predict that Patterson-UTI Energy will post -0.14 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a $0.10 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.2%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -129.03%.

Insiders Place Their Bets

In related news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the transaction, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction on 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 of the company’s stock, valued at $33,453,770.55. This trade represents a 8.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,007,844 shares of company stock worth $11,922,302 over the last three months. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP boosted its position in shares of 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 valued at $26,000 after purchasing an additional 3,862 shares during the period. First Horizon Corp boosted its position in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares during the period. Rockefeller Capital Management L.P. boosted its position in shares of Patterson-UTI Energy by 187.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 4,299 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at $37,000. Finally, Torren Management LLC acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

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.