Patterson-UTI Energy (NASDAQ:PTEN) Hits New 12-Month High - Here's What Happened

Key Points

• Patterson-UTI Energy hit a new 52-week high, trading as high as $13.39 before closing around $12.81, versus its prior close of $12.93.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating from 15 analysts and an average price target of $13.25; recent targets range from $13.00 to $15.00.
• The company declared a quarterly dividend of $0.10, equivalent to $0.40 annually and a 3.1% yield, while insiders sold 777,000 shares worth approximately $9.7 million over the past 90 days.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $13.39 and last traded at $12.8130, with a volume of 403068 shares. The stock had previously closed at $12.93.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Citigroup increased their price target on Patterson-UTI Energy from $10.50 to $13.50 and gave the stock a "neutral" rating in a research report on Friday, September 4th. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. The Goldman Sachs Group upped their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Piper Sandler reissued an "overweight" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Royal Bank Of Canada raised their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research report on Friday, May 29th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of "Moderate Buy" and an average price target of $13.25.

Patterson-UTI Energy Stock Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The firm has a market capitalization of $4.90 billion, a price-to-earnings ratio of -55.72 and a beta of 0.66. The firm has a 50 day moving average price of $10.80 and a 200-day moving average price of $10.72.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.1%. Patterson-UTI Energy's payout ratio is currently -173.91%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the business's stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the sale, the director owned 928,773 shares in the company, valued at $11,934,733.05. The trade was a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Seth Wexler sold 120,000 shares of the company's stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president directly owned 404,582 shares of the company's stock, valued at $5,158,420.50. This trade represents a 22.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 777,000 shares of company stock valued at $9,721,280 in the last 90 days. Company insiders own 2.20% of the company's stock.

Institutional Trading of Patterson-UTI Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC boosted its holdings in shares of Patterson-UTI Energy by 6.2% in the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company's stock valued at $231,000 after buying an additional 1,255 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in Patterson-UTI Energy by 11.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company's stock valued at $85,000 after acquiring an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its position in Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock valued at $53,000 after acquiring an additional 1,547 shares during the last quarter. Assetmark Inc. boosted its stake in Patterson-UTI Energy by 8.1% in the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company's stock valued at $258,000 after acquiring an additional 1,786 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company's stock valued at $2,197,000 after acquiring an additional 1,915 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

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.

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.