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

Key Points

• Analyst consensus: Thirteen analysts give Patterson‑UTI an average rating of "Hold" (2 sell, 6 hold, 5 buy) with a mean 12‑month price target of $8.78, while several firms have recently raised targets into the $9–$13 range.
• Recent results and dividend: The company reported Q4 EPS of ($0.02) beating estimates by $0.09 and revenue of $1.15B, and increased its quarterly dividend from $0.08 to $0.10 (annualized $0.40, ~4.0% yield).
• Insider and ownership activity: Director Robert Wayne Drummond Jr. sold 164,775 shares at about $10.18 on March 16, and institutional investors own roughly 97.9% of the stock.

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) have earned an average rating of "Hold" from the thirteen ratings firms that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 12-month price objective among analysts that have covered the stock in the last year is $8.7778.

Several research analysts have weighed in on the company. Piper Sandler upped their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Monday, February 9th. Bank of America reissued a "buy" rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an "outperform" rating in a research report on Friday, February 6th. The Goldman Sachs Group boosted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "buy" rating in a research report on Wednesday, March 4th. Finally, Susquehanna boosted their target price on shares of Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a "positive" rating in a research report on Tuesday.

Patterson-UTI Energy Stock Down 0.9%

PTEN stock opened at $10.05 on Friday. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $11.75. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The company has a market cap of $3.81 billion, a price-to-earnings ratio of -40.20 and a beta of 0.57. The company has a 50 day moving average of $9.45 and a two-hundred day moving average of $7.32.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period in the prior year, the firm posted ($0.13) EPS. The business's revenue was down 1.0% compared to the same quarter last year. On average, equities analysts anticipate that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a $0.10 dividend. This is an increase from Patterson-UTI Energy's previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, March 2nd. Patterson-UTI Energy's payout ratio is presently -160.00%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors have recently modified their holdings of the company. Hsbc Holdings PLC raised its position in shares of Patterson-UTI Energy by 16.9% in the fourth quarter. Hsbc Holdings PLC now owns 233,137 shares of the oil and gas company's stock valued at $1,418,000 after purchasing an additional 33,645 shares during the period. Rockefeller Capital Management L.P. raised its position in shares of 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 period. Corient Private Wealth LLC raised its position in shares of Patterson-UTI Energy by 50.2% in the fourth quarter. Corient Private Wealth LLC now owns 49,961 shares of the oil and gas company's stock valued at $305,000 after purchasing an additional 16,709 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of 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 valued at $66,000 after purchasing an additional 10,739 shares during the period. Finally, Alpine Global Management LLC acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at about $188,000. Institutional investors 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.

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