Patterson-UTI Energy (NASDAQ:PTEN) Research Coverage Started at UBS Group

UBS Group assumed coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report released on Friday, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $13.00 price target on the oil and gas company’s stock.

A number of other research analysts have also weighed in on PTEN. Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Piper Sandler reissued an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Susquehanna boosted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research report on Monday, August 3rd. The Goldman Sachs Group upped their price target on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Thursday, June 4th. Finally, Citigroup upped their price target on shares of Patterson-UTI Energy from $10.50 to $13.50 and gave the stock a “neutral” rating in a research note on Friday, September 4th. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $13.14.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $11.21 on Friday. The company has a market cap of $4.28 billion, a price-to-earnings ratio of -48.74 and a beta of 0.77. The stock has a 50 day simple moving average of $11.46 and a 200-day simple moving average of $11.03. Patterson-UTI Energy has a 12-month low of $5.24 and a 12-month high of $13.39. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend was Tuesday, September 1st. Patterson-UTI Energy’s dividend payout ratio is -173.91%.

Insider Buying and Selling 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 stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total value of $1,530,000.00. Following the transaction, the executive vice president owned 404,582 shares of the company’s stock, valued at $5,158,420.50. This represents a 22.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,027,000 shares of company stock valued at $12,698,780 over the last three months. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Large investors have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in shares of Patterson-UTI Energy in the second quarter worth $577,234,000. Dimensional Fund Advisors LP lifted its position in shares of Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after acquiring an additional 2,745,872 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Patterson-UTI Energy by 11.0% during the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock valued at $102,347,000 after acquiring an additional 934,766 shares during the last quarter. Webs Creek Capital Management LP acquired a new stake in shares of Patterson-UTI Energy during the second quarter valued at $53,729,934. Finally, Bank of America Corp DE acquired a new stake in shares of Patterson-UTI Energy during the second quarter valued at $52,132,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy services company that provides drilling and well-completion solutions to oil and natural gas exploration and production companies. Its operations support the development of unconventional and conventional wells, primarily in North America.

The company’s drilling services include contract land drilling, directional drilling, and related technologies designed to improve well placement, efficiency, and performance. Patterson-UTI also provides completion services, including pressure pumping, wireline, and other well-completion and production-support services.

Through its drilling products business, Patterson-UTI manufactures and distributes drilling equipment and downhole tools, including drill bits, drilling motors, and related products.