Patterson-UTI Energy (NASDAQ:PTEN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a buy rating in a research report sent to investors on Saturday morning,Wall Street Zen reports.

PTEN has been the subject of several other research reports. 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. Morgan Stanley upped their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company an “equal weight” rating in a report on Monday, November 2nd. Barclays upped their price objective on Patterson-UTI Energy from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, October 30th. UBS Group increased their price objective on Patterson-UTI Energy from $13.00 to $13.50 and gave the stock a “neutral” rating in a research report on Friday, October 30th. Finally, JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus target price of $14.09.

Patterson-UTI Energy Stock Down 0.6%

NASDAQ PTEN opened at $9.86 on Friday. The business’s fifty day simple moving average is $11.72 and its 200-day simple moving average is $10.62. The company has a quick ratio of 1.57, a current ratio of 1.73 and a debt-to-equity ratio of 0.40. The firm has a market cap of $3.74 billion, a PE ratio of -164.33 and a beta of 0.79. Patterson-UTI Energy has a 52 week low of $5.24 and a 52 week high of $13.39.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The firm had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. Patterson-UTI Energy’s quarterly revenue was up 14.1% on a year-over-year basis. As a group, equities analysts anticipate that Patterson-UTI Energy will post 0.02 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 4.1%. The ex-dividend date is Tuesday, December 1st. Patterson-UTI Energy’s dividend payout ratio is currently -666.67%.

Insider Activity at Patterson-UTI Energy

In related news, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the business’s stock in a transaction that occurred 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 sale, the director directly owned 928,773 shares in the company, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,027,000 shares of company stock valued at $12,698,780. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently modified their holdings of the company. Bessemer Group Inc. lifted its stake in Patterson-UTI Energy by 20.6% during the 3rd quarter. Bessemer Group Inc. now owns 1,468,471 shares of the oil and gas company’s stock worth $16,036,000 after acquiring an additional 251,332 shares in the last quarter. Hantz Financial Services Inc. boosted its holdings in Patterson-UTI Energy by 74.1% during the 3rd quarter. Hantz Financial Services Inc. now owns 69,530 shares of the oil and gas company’s stock valued at $759,000 after acquiring an additional 29,584 shares during the period. Royce & Associates LP acquired a new position in Patterson-UTI Energy in the 3rd quarter valued at about $6,842,000. William Blair Investment Management LLC acquired a new position in Patterson-UTI Energy in the 3rd quarter valued at about $11,524,000. Finally, Russell Investments Group Ltd. increased its stake in Patterson-UTI Energy by 74.1% during the third quarter. Russell Investments Group Ltd. now owns 1,890,527 shares of the oil and gas company’s stock worth $20,645,000 after purchasing an additional 804,875 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides contract drilling and related services to oil and natural gas exploration and production companies. Its offerings include land-based drilling rigs, directional drilling, pressure pumping and other well-completion services, as well as equipment and technologies used in drilling operations.

The company serves customers across major U.S. oil and gas regions, including the Permian Basin and other active shale areas. Its operations combine services that support wells through multiple stages, from drilling to completion.

Patterson-UTI has expanded its service capabilities through acquisitions, including its 2023 combination with NexTier Oilfield Solutions, which strengthened its pressure-pumping and completion-services business.