Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) shares reached a new 52-week high during trading on Monday . The stock traded as high as $9.38 and last traded at $9.26, with a volume of 3336688 shares trading hands. The stock had previously closed at $8.97.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on the company. Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Piper Sandler boosted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Monday, February 9th. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Finally, Citigroup boosted their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Monday, February 9th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of "Hold" and a consensus price target of $8.11.
Read Our Latest Report on PTEN
Patterson-UTI Energy Price Performance
The firm has a market capitalization of $3.61 billion, a PE ratio of -38.00 and a beta of 0.71. The company has a 50-day moving average price of $7.65 and a 200-day moving average price of $6.48. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46.
Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm's revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the company earned ($0.13) EPS. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.
Patterson-UTI Energy Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, March 2nd. This is an increase from Patterson-UTI Energy's previous quarterly dividend of $0.08. Patterson-UTI Energy's dividend payout ratio is presently -160.00%.
Insiders Place Their Bets
In other news, Director James Carl Stewart sold 368,254 shares of the firm's stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the sale, the director owned 207,000 shares in the company, valued at $1,215,090. This trade represents a 64.02% 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. Company insiders own 2.30% of the company's stock.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in PTEN. Quarry LP grew its position in Patterson-UTI Energy by 360.3% during the third 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 period. Versant Capital Management Inc lifted its stake in shares of Patterson-UTI Energy by 127.3% in the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company's stock valued at $31,000 after purchasing an additional 3,343 shares in the last quarter. First Horizon Corp lifted its stake in shares of Patterson-UTI Energy by 58.5% in the 4th 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 in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth about $37,000. Finally, Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $44,000. 97.91% of the stock is owned by hedge funds and other institutional investors.
About Patterson-UTI Energy
(
Get Free Report)
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.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Patterson-UTI Energy, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Patterson-UTI Energy wasn't on the list.
While Patterson-UTI Energy currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
We are about to experience the greatest A.I. boom in stock market history...
Thanks to a pivotal economic catalyst, specific tech stocks will skyrocket just like they did during the "dot com" boom in the 1990s.
That’s why, we’ve hand-selected 7 tiny tech disruptor stocks positioned to surge.
- The first pick is a tiny under-the-radar A.I. stock that's trading for just $3.00. This company already has 98 registered patents for cutting-edge voice and sound recognition technology... And has lined up major partnerships with some of the biggest names in the auto, tech, and music industry... plus many more.
- The second pick presents an affordable avenue to bolster EVs and AI development…. Analysts are calling this stock a “buy” right now and predict a high price target of $19.20, substantially more than its current $6 trading price.
- Our final and favorite pick is generating a brand-new kind of AI. It's believed this tech will be bigger than the current well-known leader in this industry… Analysts predict this innovative tech is gearing up to create a tidal wave of new wealth, fueling a $15.7 TRILLION market boom.
Right now, we’re staring down the barrel of a true once-in-a-lifetime moment. As an investment opportunity, this kind of breakthrough doesn't come along every day.
And the window to get in on the ground-floor — maximizing profit potential from this expected market surge — is closing quickly...
Simply click the link below to get the names and tickers of the 7 small stocks with potential to make investors very, very happy.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
