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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned a consensus recommendation of “Moderate Buy” from the fifteen ratings firms that are covering the stock, Marketbeat reports. Six investment analysts have rated the stock with a hold recommendation and nine have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $13.59.

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective on the stock in a report on Friday, July 31st. Weiss Ratings raised Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Royal Bank Of Canada increased their target price on Patterson-UTI Energy from $15.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday. Finally, UBS Group started coverage on Patterson-UTI Energy in a research report on Friday, October 2nd. They issued a “neutral” rating and a $13.00 target price for the company.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the sale, the director directly owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. This represents a 17.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Seth Wexler sold 120,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the completion of the transaction, the executive vice president owned 404,582 shares in the company, valued at approximately $5,158,420.50. The trade was a 22.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,027,000 shares of company stock worth $12,698,780. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of large investors have recently bought and sold shares of PTEN. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at $32,000. Rockefeller Capital Management L.P. lifted its stake in shares of Patterson-UTI Energy by 187.6% in the 4th 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. Nykredit A S bought a new position in shares of Patterson-UTI Energy in the second quarter valued at approximately $56,000. Reyes Financial Architecture Inc. bought a new position in Patterson-UTI Energy during the third quarter valued at about $60,000. Finally, Farther Finance Advisors LLC grew its holdings in Patterson-UTI Energy by 39.7% during the third quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 1,732 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $13.32 on Wednesday. The firm has a market capitalization of $5.08 billion, a PE ratio of -222.00 and a beta of 0.77. Patterson-UTI Energy has a one year low of $5.24 and a one year high of $13.39. The stock’s 50 day moving average price is $11.89 and its 200 day moving average price is $10.52. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.73.

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

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be paid a dividend of $0.10 per share. The ex-dividend date is Tuesday, December 1st. This represents a $0.40 annualized dividend and a yield of 3.0%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -173.91%.

Key Headlines Impacting Patterson-UTI Energy

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.