Patterson-UTI Energy (NASDAQ:PTEN) Stock Crosses Above 200-Day Moving Average - Here's What Happened

Key Points

• PTEN shares moved above their 200-day moving average, reaching $11.96 before closing at $11.54 on heavy volume of about 9.25 million shares.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus from 16 analysts and an average price target of $13.14, although some firms recently maintained neutral or hold ratings.
• Patterson-UTI pays a quarterly dividend of $0.10 per share, equivalent to a 3.5% annualized yield, while insiders have sold more than 1 million shares worth approximately $12.7 million over the past 90 days.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) shares passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $11.06 and traded as high as $11.96. Patterson-UTI Energy shares last traded at $11.54, with a volume of 9,245,685 shares changing hands.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research analyst reports. Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price objective on the stock in a report on Friday, July 31st. Barclays boosted their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. Zacks Research cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 27th. Finally, Citigroup lowered their target price on shares of Patterson-UTI Energy from $13.50 to $12.50 and set a "neutral" rating for the company in a research note on Friday, October 2nd. Nine equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $13.14.

Patterson-UTI Energy Price Performance

The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The stock's 50-day moving average is $11.72 and its two-hundred day moving average is $11.06. The stock has a market cap of $4.40 billion, a PE ratio of -50.17 and a beta of 0.77.

Patterson-UTI Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Tuesday, September 1st. Patterson-UTI Energy's dividend payout ratio is -173.91%.

Insider Transactions at Patterson-UTI Energy

In other news, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the sale, the executive vice president directly owned 404,582 shares of the company's stock, valued at approximately $5,158,420.50. The trade was a 22.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO William Hendricks, Jr. sold 250,000 shares of the business's stock in a transaction on Friday, September 18th. The shares were sold at an average price of $11.91, for a total value of $2,977,500.00. Following the completion of the sale, the chief executive officer owned 2,042,474 shares in the company, valued at $24,325,865.34. This represents a 10.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 1,027,000 shares of company stock valued at $12,698,780. Corporate insiders own 2.20% of the company's stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently bought and sold shares of the company. NorthCrest Asset Manangement LLC acquired a new position in shares of Patterson-UTI Energy in the third quarter worth $115,000. GAMMA Investing LLC increased its position in shares of Patterson-UTI Energy by 24.5% during the third quarter. GAMMA Investing LLC now owns 19,939 shares of the oil and gas company's stock worth $218,000 after acquiring an additional 3,928 shares during the period. Farther Finance Advisors LLC raised its stake in shares of Patterson-UTI Energy by 39.7% in the third quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company's stock valued at $67,000 after acquiring an additional 1,732 shares in the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Patterson-UTI Energy by 107.2% in the second quarter. Sequoia Financial Advisors LLC now owns 22,147 shares of the oil and gas company's stock valued at $203,000 after acquiring an additional 11,458 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Patterson-UTI Energy by 11.5% in the second quarter. Tidal Investments LLC now owns 166,271 shares of the oil and gas company's stock valued at $1,526,000 after acquiring an additional 17,189 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc NASDAQ: PTEN is an energy services company that provides drilling and well-completion solutions to oil and natural gas exploration and production companies. Its operations support the development of unconventional and conventional wells, primarily in North America.

The company's drilling services include contract land drilling, directional drilling, and related technologies designed to improve well placement, efficiency, and performance. Patterson-UTI also provides completion services, including pressure pumping, wireline, and other well-completion and production-support services.

Through its drilling products business, Patterson-UTI manufactures and distributes drilling equipment and downhole tools, including drill bits, drilling motors, and related products.

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