Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Has Consensus Price Target of $13.14 According to Brokerages

Key Points

• Analyst sentiment is moderately bullish: Sixteen analysts give Patterson-UTI Energy a consensus “Moderate Buy” rating, with nine buys, six holds, and one sell. The average 12-month price target is $13.14 versus the stock’s $11.21 opening price.
• Insiders have recently reduced their holdings: Company insiders sold 1.027 million shares worth approximately $12.7 million over the past three months, including substantial sales by the CEO and a director.
• The company pays a quarterly dividend: Patterson-UTI declared a $0.10-per-share quarterly dividend, equivalent to $0.40 annually and a 3.6% yield, although its reported payout ratio remains negative because of losses.

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) have earned a consensus rating of "Moderate Buy" from the sixteen analysts that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, six have issued a hold rating and nine have assigned 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 $13.14.

Several research analysts recently issued reports on the company. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Zacks Research downgraded Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 27th. Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Barclays upped their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price for the company in a research report on Friday, July 31st.

Insider Activity

In related news, CEO William Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction on Friday, September 18th. The shares were sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the completion of the transaction, the chief executive officer owned 2,042,474 shares of the company's stock, valued at $24,325,865.34. This trade represents a 10.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Drummond Jr. sold 198,395 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the transaction, the director owned 928,773 shares in the company, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 1,027,000 shares of company stock valued at $12,698,780. 2.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at about $32,000. Rockefeller Capital Management L.P. grew its stake in Patterson-UTI Energy by 187.6% during 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 period. Nykredit A S acquired a new stake in Patterson-UTI Energy during the second quarter worth approximately $56,000. Global Retirement Partners LLC increased its holdings in Patterson-UTI Energy by 4,765.4% in the fourth quarter. Global Retirement Partners LLC now owns 10,120 shares of the oil and gas company's stock worth $62,000 after purchasing an additional 9,912 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Patterson-UTI Energy by 268,475.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 10,743 shares of the oil and gas company's stock worth $66,000 after purchasing an additional 10,739 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Price Performance

PTEN stock opened at $11.21 on Friday. The company has a market capitalization of $4.28 billion, a P/E ratio of -48.74 and a beta of 0.77. The company has a fifty day moving average price of $11.46 and a 200-day moving average price of $11.03. 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 has a 52-week low of $5.24 and a 52-week high of $13.39.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 1st. Patterson-UTI Energy's dividend payout ratio is currently -173.91%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc NASDAQ: PTEN is an energy services company that provides drilling and well-completion solutions to oil and natural gas exploration and production companies. Its operations support the development of unconventional and conventional wells, primarily in North America.

The company's drilling services include contract land drilling, directional drilling, and related technologies designed to improve well placement, efficiency, and performance. Patterson-UTI also provides completion services, including pressure pumping, wireline, and other well-completion and production-support services.

Through its drilling products business, Patterson-UTI manufactures and distributes drilling equipment and downhole tools, including drill bits, drilling motors, and related products.

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