Patterson-UTI Energy (NASDAQ:PTEN) Sets New 12-Month High - Should You Buy?

Key Points

• Patterson-UTI Energy shares reached a new 52-week high of $13.09, up 2.4% in trading, with a market capitalization of approximately $4.99 billion.
• Analyst sentiment is broadly positive: nine analysts rate the stock a Buy, five rate it Hold, and one rates it Sell, resulting in a “Moderate Buy” consensus and an average price target of $12.95.
• The company declared a quarterly dividend of $0.10 per share, representing a 3.1% annualized yield, while insiders have sold about 420,670 shares worth $4.9 million over the past 90 days.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $13.09 and last traded at $13.0550, with a volume of 4816247 shares changing hands. The stock had previously closed at $12.79.

Wall Street Analyst Weigh In

PTEN has been the topic of several research analyst reports. Stifel Nicolaus lifted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, June 16th. Royal Bank Of Canada upped their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. JPMorgan Chase & Co. raised Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price for the company in a report on Friday, July 31st. Finally, KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Nine equities 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. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $12.95.

Patterson-UTI Energy Stock Up 2.4%

The business's fifty day moving average price is $10.40 and its 200 day moving average price is $10.53. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $4.99 billion, a PE ratio of -57.07 and a beta of 0.66.

Patterson-UTI Energy Announces Dividend

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

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 207,000 shares of the company's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the sale, the chief accounting officer directly owned 56,842 shares of the company's stock, valued at approximately $682,672.42. This represents a 19.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 420,670 shares of company stock worth $4,880,957. 2.20% of the stock is currently owned by insiders.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the company. Quarry LP increased its stake in shares of 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 worth $26,000 after acquiring an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Patterson-UTI Energy in the second quarter valued at about $32,000. Rockefeller Capital Management L.P. lifted its position in 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. EverSource Wealth Advisors LLC boosted its holdings in Patterson-UTI Energy by 494.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock valued at $51,000 after purchasing an additional 7,171 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd boosted its holdings in Patterson-UTI Energy by 21.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock valued at $53,000 after purchasing an additional 1,547 shares in the last quarter. Institutional investors and hedge funds 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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