Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Consensus Rating of "Moderate Buy" by Analysts

Key Points

• Analysts give Patterson-UTI Energy a “Moderate Buy” consensus: Of 15 analysts, nine recommend buying, one strongly recommends buying, four rate it a hold, and one rates it a sell. The average 12-month price target is $12.95 versus a recent price of $10.90.
• Insiders have recently sold shares: The COO and CEO sold 150,000 and 200,000 shares, respectively, while insiders sold 363,670 shares worth approximately $4.21 million over the past three months.
• The company maintains a quarterly dividend: Patterson-UTI Energy declared a $0.10-per-share dividend, equivalent to $0.40 annually and a 3.7% yield, despite its currently negative payout ratio.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the fifteen brokerages that are currently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $12.95.

A number of brokerages recently issued reports on PTEN. Citigroup dropped their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating on the stock in a research note on Monday, June 29th. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. 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 report on Friday, July 31st. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Finally, Piper Sandler upgraded shares of Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 price target on the stock in a report on Tuesday, July 14th.

Insider Activity at Patterson-UTI Energy

In other news, COO James Michael Holcomb sold 150,000 shares of the business's stock in a transaction 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 completion of the transaction, the chief operating officer 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the transaction, the chief executive officer directly owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 363,670 shares of company stock valued at $4,212,677. 2.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Several large investors have recently bought and sold shares of the business. Quarry LP boosted its holdings in shares of Patterson-UTI Energy by 360.3% during the 3rd 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Patterson-UTI Energy in the second quarter worth approximately $32,000. First Horizon Corp raised 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 valued at $34,000 after purchasing an additional 2,049 shares during the last quarter. Rockefeller Capital Management L.P. lifted its position 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 valued at $40,000 after purchasing an additional 4,299 shares during the period. Finally, Torren Management LLC purchased a new position in Patterson-UTI Energy in the fourth quarter worth about $44,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Trading Down 1.1%

NASDAQ PTEN opened at $10.90 on Friday. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $13.08. The stock has a market cap of $4.16 billion, a P/E ratio of -47.39 and a beta of 0.63. The stock's fifty day moving average price is $10.09 and its 200-day moving average price is $10.15. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Tuesday, September 1st. Patterson-UTI Energy's payout ratio 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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