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

Key Points

• Patterson-UTI Energy has an average analyst rating of "Moderate Buy", based on coverage from 15 analysts. The consensus 12-month price target is $12.10.
• The company reported better-than-expected quarterly earnings, with EPS of -$0.06 versus the -$0.10 estimate and revenue of $1.12 billion, slightly above forecasts. However, revenue was still down 12.7% year over year.
• Insider activity has been negative, with CEO William Andrew Hendricks, Jr. and Director Cesar Jaime both selling shares. In total, insiders sold 808,949 shares worth about $9.4 million over the last three months.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) has received an average rating of "Moderate Buy" from the fifteen analysts that are currently covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $12.10.

PTEN has been the subject of several research reports. Weiss Ratings reissued a "sell (d+)" rating on shares of Patterson-UTI Energy in a report on Tuesday. Zacks Research raised Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, April 10th. Barclays raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $10.00 to $15.00 in a report on Thursday, May 7th. Piper Sandler lifted their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "neutral" rating in a report on Wednesday. Finally, Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction on Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,823,103 shares of the company's stock, valued at $33,453,770.55. The trade was a 8.14% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares of the company's stock, valued at $952,007.98. This represents a 11.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 808,949 shares of company stock valued at $9,387,035 in the last three months. Corporate insiders own 2.20% of the company's stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its holdings in Patterson-UTI Energy by 14.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock valued at $229,732,000 after acquiring an additional 2,745,872 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Patterson-UTI Energy by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company's stock valued at $80,804,000 after purchasing an additional 1,135,704 shares during the last quarter. State Street Corp increased its stake in shares of Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company's stock valued at $93,270,000 after purchasing an additional 75,560 shares during the last quarter. Sourcerock Group LLC increased its stake 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 purchasing an additional 7,205,652 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock valued at $64,517,000 after purchasing an additional 5,551,276 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $11.21 on Friday. The stock has a market cap of $4.26 billion, a P/E ratio of -36.16 and a beta of 0.64. The stock has a 50 day simple moving average of $11.25 and a 200 day simple moving average of $8.63. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The firm's revenue was down 12.7% on a year-over-year basis. Research analysts anticipate that Patterson-UTI Energy will post -0.16 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 annualized dividend and a yield of 3.6%. Patterson-UTI Energy's payout ratio is currently -129.03%.

About Patterson-UTI Energy

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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