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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price reached a new 52-week high on Wednesday . The company traded as high as $13.09 and last traded at $13.0550, with a volume of 4816247 shares trading hands. The stock had previously closed at $12.79.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of recent analyst reports. The Goldman Sachs Group upped their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Thursday, June 4th. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Susquehanna increased their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a report on Monday, August 3rd. Finally, Barclays raised their price objective on shares of Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Nine analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on 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 firm has a 50 day moving average of $10.40 and a two-hundred day moving average of $10.53. The stock has a market capitalization of $4.99 billion, a PE ratio of -57.07 and a beta of 0.66. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

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

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the sale, the chief executive officer directly owned 2,542,474 shares in the company, valued at $29,594,397.36. The trade was a 7.29% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Carl Stewart sold 207,000 shares of the stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 420,670 shares of company stock valued at $4,880,957 in the last 90 days. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Patterson-UTI Energy during the second quarter valued at $577,234,000. Dimensional Fund Advisors LP raised its stake in Patterson-UTI Energy by 14.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after purchasing an additional 2,745,872 shares during the last quarter. State Street Corp lifted its holdings in Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after purchasing an additional 75,560 shares in the last quarter. Sourcerock Group LLC lifted its holdings in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after purchasing an additional 5,551,276 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.