Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Stock Has Consensus Price Target of $13.14 According to Brokerages

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have been assigned a consensus rating of “Moderate Buy” from the fifteen analysts that are currently covering the firm, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $13.59.

A number of research firms have recently weighed in on PTEN. Susquehanna boosted their price target on Patterson-UTI Energy from $13.00 to $15.00 and gave the stock a “positive” rating in a report on Friday. Citigroup decreased their price objective on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating for the company in a research report on Friday, October 2nd. UBS Group assumed coverage on Patterson-UTI Energy in a research report on Friday, October 2nd. They set a “neutral” rating and a $13.00 target price for the company. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Finally, Barclays boosted their price objective on Patterson-UTI Energy from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday.

Insider Transactions at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction on Friday, September 18th. The shares were sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the transaction, the chief executive officer owned 2,042,474 shares in the company, valued at $24,325,865.34. This trade represents a 10.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James Stewart sold 207,000 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,027,000 shares of company stock worth $12,698,780 in the last three months. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth about $32,000. Rockefeller Capital Management L.P. boosted its stake in shares of 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 acquiring an additional 4,299 shares during the last quarter. Nykredit A S purchased a new position in Patterson-UTI Energy during the second quarter worth approximately $56,000. Reyes Financial Architecture Inc. acquired a new position in Patterson-UTI Energy during the 3rd quarter worth approximately $60,000. Finally, Farther Finance Advisors LLC increased its stake in shares of Patterson-UTI Energy by 39.7% in the third quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company’s stock worth $67,000 after buying an additional 1,732 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $13.32 on Wednesday. The firm has a market cap of $5.08 billion, a P/E ratio of -222.00 and a beta of 0.79. 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 company has a 50 day moving average of $11.89 and a 200 day moving average of $10.52. Patterson-UTI Energy has a twelve month low of $5.24 and a twelve month high of $13.39.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. The company’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. As a group, research analysts expect that Patterson-UTI Energy will post 0.01 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, December 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -666.67%.

More Patterson-UTI Energy News

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

• Positive Sentiment: Analysts raised their price targets: Royal Bank of Canada increased its target from $15 to $17 and maintained an “outperform” rating. Royal Bank of Canada recommendations
• Positive Sentiment: Barclays raised its target from $16 to $17 and maintained an “overweight” rating, while Susquehanna lifted its target from $13 to $15 and assigned a “positive” rating. The revisions imply further upside and reflect improving expectations for PTEN’s earnings and operating performance. Barclays recommendations Susquehanna recommendations
• Positive Sentiment: Q3 results beat expectations: Patterson-UTI reported earnings of $0.07 per share versus the $0.04 consensus estimate, while revenue rose 14.1% year over year to $1.34 billion, above the $1.31 billion forecast. Results also improved from a $0.10-per-share loss in the prior-year quarter. Patterson-UTI Q3 earnings results
• Positive Sentiment: Constructive outlook: Management expects approximately $150 million in fourth-quarter drilling-services adjusted gross profit and plans to keep 2026 capital expenditures below $600 million. The combination of profitability and capital discipline supports the bullish analyst view. Patterson-UTI Q4 outlook
• Neutral Sentiment: PTEN declared a quarterly dividend of $0.10 per share, or $0.40 annualized, representing a yield of approximately 3.2%. The dividend adds shareholder income, although the company continues to report a slightly negative net margin and return on equity.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.