Patterson-UTI Energy (NASDAQ:PTEN) Given New $10.00 Price Target at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) had its target price lifted by Piper Sandler from $9.00 to $10.00 in a research note released on Wednesday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas company’s stock.

Several other research firms have also recently weighed in on PTEN. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Citigroup increased their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Royal Bank Of Canada increased their price target on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Finally, The Goldman Sachs Group increased their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “buy” rating in a research report on Wednesday, March 4th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $9.67.

Patterson-UTI Energy Trading Up 0.4%

Shares of PTEN opened at $9.92 on Wednesday. The business’s 50-day moving average price is $9.59 and its 200-day moving average price is $7.43. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $11.75. The stock has a market cap of $3.77 billion, a PE ratio of -39.68 and a beta of 0.57. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The firm had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the business posted ($0.13) earnings per share. The company’s revenue was down 1.0% on a year-over-year basis. On average, equities analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.0%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, March 2nd. Patterson-UTI Energy’s payout ratio is currently -160.00%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.40% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently made changes to their positions in the stock. Quarry LP boosted its stake in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares during the period. Versant Capital Management Inc boosted its stake in shares of Patterson-UTI Energy by 127.3% during the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 3,343 shares during the period. First Horizon Corp boosted its stake in shares of Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of Patterson-UTI Energy during the third quarter valued at approximately $37,000. Finally, Rockefeller Capital Management L.P. lifted its stake in Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 4,299 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Key Patterson-UTI Energy News

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Goldman Sachs raised its price target to $11 from $9 and reiterated a “buy” rating — a clear bullish signal that implies ~10.9% upside from the referenced $9.92 level. This is the strongest broker endorsement in the latest round of updates. Goldman Sachs raises PT to $11 (TickerReport)
• Positive Sentiment: Citigroup raised its price target to $11 (from $9) but kept a “neutral” rating — the PT increase nonetheless signals a more constructive view on PTEN’s near-term prospects and supports upside similar to Goldman’s call. Citigroup raises PT to $11 (Benzinga)
• Positive Sentiment: Seeking Alpha published a bullish piece titled “Patterson-UTI: A Return To Drilling Signals Buy,” highlighting improving drilling activity that could underpin revenue and utilization improvements — a narrative that can attract yield- and turnaround-focused investors. Patterson-UTI: A Return To Drilling Signals Buy (Seeking Alpha)
• Neutral Sentiment: Morgan Stanley bumped its target to $10 (from $7) and kept an “equal weight” rating — a notable PT lift but a neutral/market-weight stance suggests limited conviction for significant near-term outperformance. Morgan Stanley raises PT to $10 (Benzinga)
• Neutral Sentiment: Piper Sandler raised its target to $10 (from $9) and maintained a “neutral” rating — another modest PT increase that supports the mid‑single‑digit upside view but doesn’t constitute a strong upgrade to buy territory. Piper Sandler raises PT to $10 (Benzinga)

Patterson-UTI Energy Company Profile

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.