Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia. As of December 31, 2021, this segment had a drilling fleet of 192 marketable land-based drilling rigs. The Pressure Pumping Services segment offers pressure pumping services that consist of well stimulation for the completion of new wells and remedial work on existing wells, as well as hydraulic fracturing, cementing, and acid pumping services in Texas and the Appalachian region. The Directional Drilling Services segment provides a suite of directional drilling services, including directional drilling and measurement-while-drilling services; supply and rental of downhole performance motors; and software and services that enhances the accuracy of directional and horizontal wellbores, wellbore quality, and on-bottom rate of penetration. It also services equipment to drilling contractors, as well as provides electrical controls and automation to the energy, marine, and mining industries in North America and other markets; and owns and invests in oil and natural gas assets as a non-operating working interest owner located principally in Texas and New Mexico. Patterson-UTI Energy, Inc. was founded in 1978 and is headquartered in Houston, Texas.
Analyst Ratings Changes
Several equities research analysts recently issued reports on PTEN shares. Susquehanna Bancshares raised their price objective on shares of Patterson-UTI Energy from $20.00 to $23.00 and gave the stock a "positive" rating in a research report on Wednesday, June 8th. Morgan Stanley raised their price objective on shares of Patterson-UTI Energy from $18.00 to $19.00 and gave the stock an "overweight" rating in a report on Monday, August 1st. Piper Sandler cut shares of Patterson-UTI Energy from an "overweight" rating to a "neutral" rating and lifted their target price for the company from $21.00 to $22.75 in a report on Tuesday, May 31st. They noted that the move was a valuation call. Benchmark initiated coverage on shares of Patterson-UTI Energy in a report on Monday, April 18th. They issued a "buy" rating and a $21.00 target price on the stock. Finally, Susquehanna lifted their price objective on shares of Patterson-UTI Energy from $20.00 to $23.00 in a research report on Wednesday, June 8th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $19.93.
Patterson-UTI Energy Stock Performance
NASDAQ:PTEN traded up $0.51 during trading hours on Friday, hitting $14.37. The company had a trading volume of 2,171,525 shares, compared to its average volume of 2,862,665. Patterson-UTI Energy has a fifty-two week low of $6.44 and a fifty-two week high of $20.53. The company has a quick ratio of 1.23, a current ratio of 1.39 and a debt-to-equity ratio of 0.56. The business has a fifty day simple moving average of $15.72 and a 200-day simple moving average of $15.12. The firm has a market cap of $3.12 billion, a P/E ratio of -6.68 and a beta of 2.26.
Patterson-UTI Energy Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Thursday, September 1st will be paid a dividend of $0.04 per share. The ex-dividend date is Wednesday, August 31st. This represents a $0.16 annualized dividend and a yield of 1.11%. Patterson-UTI Energy's dividend payout ratio is currently -7.44%.
Insider Activity at Patterson-UTI Energy
In related news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the firm's stock in a transaction dated Monday, July 11th. The stock was sold at an average price of $13.76, for a total transaction of $1,376,000.00. Following the completion of the transaction, the chief executive officer now owns 1,801,374 shares of the company's stock, valued at $24,786,906.24. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction on Friday, June 10th. The stock was sold at an average price of $18.07, for a total value of $3,614,000.00. Following the completion of the transaction, the chief executive officer now owns 1,901,374 shares in the company, valued at approximately $34,357,828.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the stock in a transaction on Monday, July 11th. The shares were sold at an average price of $13.76, for a total value of $1,376,000.00. Following the completion of the transaction, the chief executive officer now owns 1,801,374 shares of the company's stock, valued at approximately $24,786,906.24. The disclosure for this sale can be found here. Insiders sold 491,666 shares of company stock valued at $8,050,072 over the last 90 days. 2.70% of the stock is currently owned by corporate insiders.
