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

Key Points

• Patterson-UTI Energy shares rose above their 200-day moving average, reaching $11.35 and last trading at $11.30 on volume of roughly 8.4 million shares.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus from MarketBeat and an average price target of $13.25, although ratings range from sell to overweight.
• The company pays a quarterly dividend of $0.10 per share, representing a 3.5% yield, while insiders sold more than 1 million shares worth approximately $12.7 million over the past quarter.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) shares passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $11.02 and traded as high as $11.35. Patterson-UTI Energy shares last traded at $11.30, with a volume of 8,365,895 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PTEN shares. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Barclays lifted their price target on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. Zacks Research downgraded Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 27th. Citigroup increased their price objective on Patterson-UTI Energy from $10.50 to $13.50 and gave the company a "neutral" rating in a report on Friday, September 4th. Finally, Susquehanna raised their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a research report on Monday, August 3rd. Nine equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $13.25.

Patterson-UTI Energy Stock Performance

The company has a 50-day moving average price of $11.44 and a two-hundred day moving average price of $11.02. The stock has a market capitalization of $4.31 billion, a P/E ratio of -49.13 and a beta of 0.77. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Dividend Announcement

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

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the firm's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the transaction, the director directly owned 928,773 shares of the company's stock, valued at $11,934,733.05. This trade represents a 17.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Seth Wexler sold 120,000 shares of the business's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the transaction, the executive vice president 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. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 1,027,000 shares of company stock worth $12,698,780. Insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Lazard Asset Management LLC grew its holdings in Patterson-UTI Energy by 6.2% in the first quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company's stock worth $231,000 after purchasing an additional 1,255 shares during the period. Assetmark Inc. lifted its holdings in shares of Patterson-UTI Energy by 8.1% during the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company's stock valued at $258,000 after purchasing an additional 1,786 shares during the last quarter. DGS Capital Management LLC lifted its holdings in shares of Patterson-UTI Energy by 15.2% during the first quarter. DGS Capital Management LLC now owns 17,744 shares of the oil and gas company's stock valued at $192,000 after purchasing an additional 2,338 shares during the last quarter. Gamco Investors INC. ET AL boosted its position in shares of Patterson-UTI Energy by 5.0% in the 1st quarter. Gamco Investors INC. ET AL now owns 56,415 shares of the oil and gas company's stock worth $611,000 after purchasing an additional 2,690 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth approximately $32,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

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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