Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) have received an average recommendation of “Moderate Buy” from the fifteen ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have given a hold recommendation, nine have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $12.95.

A number of research analysts recently weighed in on PTEN shares. Susquehanna raised their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a research note on Monday, August 3rd. Citigroup cut their price objective on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research note on Monday, June 29th. Royal Bank Of Canada increased their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group lifted their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th.

Patterson-UTI Energy Stock Performance

PTEN opened at $12.13 on Friday. The firm’s fifty day simple moving average is $10.10 and its two-hundred day simple moving average is $10.24. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.08. The company has a market cap of $4.63 billion, a price-to-earnings ratio of -52.74 and a beta of 0.63. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.3%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.

Insiders Place Their Bets

In other news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the 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 completion of the sale, the chief executive officer directly owned 2,542,474 shares in the company, valued at $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Forrest C. Robinson sold 13,670 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 363,670 shares of company stock valued at $4,212,677 in the last 90 days. 2.20% of the stock is owned by insiders.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $577,234,000. Sourcerock Group LLC lifted its position in Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares in the last quarter. Webs Creek Capital Management LP purchased a new position in Patterson-UTI Energy during the second quarter worth approximately $53,729,934,000. Bank of America Corp DE purchased a new position in Patterson-UTI Energy during the second quarter worth approximately $52,132,000. Finally, Goldman Sachs Group Inc. boosted its stake in Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after buying an additional 5,551,276 shares during the last quarter. 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.