Patterson-UTI Energy (NASDAQ:PTEN) Hits New 52-Week High After Analyst Upgrade

Key Points

• Shares hit a new 52-week high after Barclays raised its price target to $10 (from $8), and several other analysts boosted targets (Goldman Sachs, Morgan Stanley, Piper Sandler, Susquehanna, RBC), though MarketBeat shows a consensus Hold rating with a $11.30 target.
• Patterson‑UTI beat quarterly estimates (EPS -$0.06 vs. -$0.10; revenue $1.12B vs. $1.11B) but revenue was down 12.7% YOY and the company remains unprofitable, and it announced a quarterly dividend of $0.10 per share (annualized $0.40, 3.4% yield), ex‑dividend June 1.

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) hit a new 52-week high on Tuesday after Barclays raised their price target on the stock from $8.00 to $10.00. Barclays currently has an equal weight rating on the stock. Patterson-UTI Energy traded as high as $11.82 and last traded at $11.6740, with a volume of 1158371 shares. The stock had previously closed at $11.46.

Several other equities research analysts have also recently weighed in on PTEN. The Goldman Sachs Group upped their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. Morgan Stanley upped their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 15th. Piper Sandler boosted their target price on Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a "neutral" rating in a report on Monday. Susquehanna boosted their target price on Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a "positive" rating in a report on Tuesday, April 7th. Finally, Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an "outperform" rating in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $11.30.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the company's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 2.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PTEN. Royal Bank of Canada lifted its holdings in shares of Patterson-UTI Energy by 23.7% during the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock valued at $1,397,000 after purchasing an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Patterson-UTI Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock valued at $1,904,000 after purchasing an additional 10,142 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock valued at $39,024,000 after acquiring an additional 220,422 shares during the last quarter. United Services Automobile Association purchased a new stake in Patterson-UTI Energy during the first quarter valued at $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Patterson-UTI Energy by 3.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock valued at $7,106,000 after acquiring an additional 30,217 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Stock Performance

The company has a market cap of $4.46 billion, a PE ratio of -37.88 and a beta of 0.57. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The business has a 50-day moving average of $9.95 and a 200 day moving average of $7.72.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.10) by $0.04. The company 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 business's revenue for the quarter was down 12.7% on a year-over-year basis. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.31 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy's dividend payout ratio is -129.03%.

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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