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

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week high during trading on Monday . The stock traded as high as $12.67 and last traded at $12.7220, with a volume of 934546 shares trading hands. The stock had previously closed at $12.42.

Analysts Set New Price Targets

A number of analysts have commented on the company. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Citigroup lifted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Stifel Nicolaus lifted their target price on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research note on Monday, April 20th. Finally, Morgan Stanley lifted their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.80.

Patterson-UTI Energy Price Performance

The business’s 50 day moving average price is $10.95 and its 200 day moving average price is $8.32. The stock has a market capitalization of $4.83 billion, a P/E ratio of -41.06 and a beta of 0.64. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy’s quarterly revenue was down 12.7% compared to the same quarter last year. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.21 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 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 presently -129.03%.

Insider Buying and Selling

In related news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the transaction, the chief executive officer owned 2,823,103 shares of the company’s stock, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Cesar Jaime sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares in the company, valued at approximately $952,007.98. The trade was a 11.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 808,949 shares of company stock valued at $9,387,035. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

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

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.