Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts give Patterson-UTI Energy a “Moderate Buy” consensus: Of 15 covering brokerages, nine rate it a buy, five a hold and one a sell. The average 12-month price target is $13.25.
• Insiders have recently sold shares: Executives sold 777,000 shares worth approximately $9.7 million over the past 90 days, while insiders currently own 2.2% of the company.
• Institutional ownership is substantial: Hedge funds and other institutions own 97.91% of PTEN, with BlackRock initiating a position valued at about $577 million and several other investors increasing their holdings.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are currently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $13.25.

PTEN has been the topic of several research reports. Zacks Research lowered Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 27th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price objective for the company in a report on Friday, July 31st. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Royal Bank Of Canada raised their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. Finally, Susquehanna lifted their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a research report on Monday, August 3rd.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of Patterson-UTI Energy stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the sale, the director directly owned 928,773 shares of the company's stock, valued at $11,934,733.05. The trade was a 17.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total value of $1,530,000.00. Following the sale, the executive vice president directly owned 404,582 shares of the company's stock, valued at approximately $5,158,420.50. This trade represents a 22.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 777,000 shares of company stock worth $9,721,280. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. bought a new position in shares of Patterson-UTI Energy during the second quarter worth $577,234,000. Sourcerock Group LLC increased its position in shares of Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after buying an additional 7,205,652 shares in the last quarter. Webs Creek Capital Management LP acquired a new stake in Patterson-UTI Energy during the 2nd quarter worth $53,729,934. Bank of America Corp DE acquired a new stake in Patterson-UTI Energy during the 2nd quarter worth $52,132,000. Finally, Goldman Sachs Group Inc. lifted its holdings in Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock worth $64,517,000 after acquiring an additional 5,551,276 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $12.42 on Tuesday. The business's fifty day moving average price is $10.65 and its two-hundred day moving average price is $10.66. The firm has a market capitalization of $4.74 billion, a price-to-earnings ratio of -54.00 and a beta of 0.66. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $13.31. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -173.91%.

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.

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