Patterson-UTI Energy (NASDAQ:PTEN) Shares Up 9.3% – Time to Buy?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN)’s share price was up 9.3% during mid-day trading on Monday . The stock traded as high as $10.70 and last traded at $10.7840. Approximately 885,078 shares changed hands during trading, a decline of 91% from the average daily volume of 10,176,545 shares. The stock had previously closed at $9.87.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a research report on Monday, April 20th. Susquehanna increased their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “positive” rating in a report on Monday, August 3rd. Zacks Research raised Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. Piper Sandler upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 target price for the company in a report on Tuesday, July 14th. Finally, Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.95.

Patterson-UTI Energy Stock Performance

The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The stock’s 50-day simple moving average is $10.16 and its two-hundred day simple moving average is $10.04. The stock has a market cap of $4.12 billion, a price-to-earnings ratio of -47.02 and a beta of 0.63.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at $682,672.42. The trade was a 19.39% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 363,670 shares of company stock worth $4,212,677 in the last 90 days. 2.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in Patterson-UTI Energy during the 2nd quarter valued at $577,234,000. Dimensional Fund Advisors LP increased 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 purchasing an additional 2,745,872 shares during the period. State Street Corp raised its position in shares of Patterson-UTI Energy by 0.5% during the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after buying an additional 75,560 shares during the last quarter. Sourcerock Group LLC lifted its stake in shares of Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after buying an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. grew its position 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 in the last quarter. Institutional investors and hedge funds 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.