Patterson-UTI Energy (NASDAQ:PTEN) Given New $17.00 Price Target at Barclays

Patterson-UTI Energy (NASDAQ:PTEN) had its target price increased by Barclays from $16.00 to $17.00 in a report published on Friday morning,Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Other research analysts have also recently issued reports about the company. 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 price target for the company. Weiss Ratings raised Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Susquehanna upped their price objective on Patterson-UTI Energy from $13.00 to $15.00 and gave the stock a “positive” rating in a research note on Friday. Finally, Piper Sandler reissued an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $13.59.

Patterson-UTI Energy Trading Up 5.0%

Patterson-UTI Energy stock opened at $13.32 on Friday. The company has a market cap of $5.08 billion, a price-to-earnings ratio of -222.00 and a beta of 0.77. The firm has a 50-day moving average of $11.89 and a 200-day moving average of $10.52. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.73 and a quick ratio of 1.57. Patterson-UTI Energy has a one year low of $5.24 and a one year 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 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The business had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.31 billion. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. Patterson-UTI Energy’s quarterly revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.10) earnings per share. On average, equities analysts expect that Patterson-UTI Energy will post 0.01 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, December 1st. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Insider Activity

In related news, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy 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. This trade represents a 22.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the sale, the director owned 928,773 shares in the company, valued at $11,934,733.05. This represents a 17.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,027,000 shares of company stock valued at $12,698,780 in the last 90 days. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PTEN. BlackRock Inc. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $577,234,000. Dimensional Fund Advisors LP boosted its holdings in shares of Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after buying an additional 2,745,872 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 11.0% during the 1st quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock worth $102,347,000 after buying an additional 934,766 shares during the period. Webs Creek Capital Management LP acquired a new position in Patterson-UTI Energy in the 2nd quarter valued at about $53,729,934. Finally, Bank of America Corp DE acquired a new position in Patterson-UTI Energy in the 2nd quarter valued at about $52,132,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy News Roundup

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.

About Patterson-UTI Energy

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.