Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Rating of “Hold” from Brokerages

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received an average rating of “Hold” from the fifteen analysts that are presently covering the firm, MarketBeat reports. Two analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $12.15.

A number of research analysts have recently commented on the stock. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Stifel Nicolaus lifted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Citigroup decreased their price objective on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a report on Monday, June 29th. Morgan Stanley raised their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $10.02 on Monday. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The company has a market cap of $3.80 billion, a PE ratio of -32.32 and a beta of 0.62. The company has a 50 day moving average of $10.78 and a 200-day moving average of $9.70. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating the consensus estimate 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 net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s quarterly revenue was down 12.7% on a year-over-year basis. As a group, equities research analysts forecast that Patterson-UTI Energy will post -0.08 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy’s payout ratio is presently -129.03%.

Insider Activity at Patterson-UTI Energy

In related news, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the sale, the director directly owned 77,462 shares of the company’s stock, valued at $952,007.98. The trade was a 11.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer directly owned 421,523 shares in the company, valued at $4,834,868.81. The trade was a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,007,844 shares of company stock worth $11,922,302. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP grew its holdings in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares in the last quarter. First Horizon Corp increased its stake in shares of Patterson-UTI Energy by 58.5% during the 4th 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 during the last quarter. Rockefeller Capital Management L.P. lifted its stake in 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 valued at $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 in the fourth quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 7,171 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.