Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) gapped up before the market opened on Monday after Morgan Stanley raised their price target on the stock from $18.00 to $19.00. The stock had previously closed at $16.55, but opened at $17.00. Morgan Stanley currently has an overweight rating on the stock. Patterson-UTI Energy shares last traded at $16.29, with a volume of 31,321 shares changing hands.
A number of other research analysts have also recently weighed in on PTEN. Bank of America cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and cut their price objective for the company from $22.00 to $13.50 in a report on Friday, July 15th. Piper Sandler cut shares of Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and lifted their price objective for the company from $21.00 to $22.75 in a report on Tuesday, May 31st. They noted that the move was a valuation call. Benchmark initiated coverage on shares of Patterson-UTI Energy in a report on Monday, April 18th. They issued a “buy” rating and a $21.00 price objective for the company. Susquehanna Bancshares lifted their price objective on shares of Patterson-UTI Energy from $20.00 to $23.00 and gave the company a “positive” rating in a report on Wednesday, June 8th. Finally, JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 price objective for the company in a report on Thursday, May 26th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $19.93.
Insider Buying and Selling at Patterson-UTI Energy
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In other news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, June 10th. The shares were sold at an average price of $18.07, for a total value of $3,614,000.00. Following the transaction, the chief executive officer now directly owns 1,901,374 shares in the company, valued at approximately $34,357,828.18. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 10th. The shares were sold at an average price of $14.37, for a total transaction of $1,437,000.00. Following the sale, the chief executive officer now directly owns 2,201,374 shares of the company’s stock, valued at approximately $31,633,744.38. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $18.07, for a total transaction of $3,614,000.00. Following the sale, the chief executive officer now directly owns 1,901,374 shares in the company, valued at $34,357,828.18. The disclosure for this sale can be found here. Insiders have sold 491,666 shares of company stock worth $8,050,072 in the last ninety days. 2.70% of the stock is owned by insiders.
Institutional Investors Weigh In On Patterson-UTI Energy
Several large investors have recently added to or reduced their stakes in the business. Jennison Associates LLC increased its stake in Patterson-UTI Energy by 54.2% during the 2nd quarter. Jennison Associates LLC now owns 4,280,731 shares of the oil and gas company’s stock worth $67,464,000 after buying an additional 1,504,062 shares during the period. Xponance Inc. purchased a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $183,000. Victory Capital Management Inc. increased its stake in Patterson-UTI Energy by 29.3% during the 2nd quarter. Victory Capital Management Inc. now owns 58,948 shares of the oil and gas company’s stock worth $929,000 after buying an additional 13,347 shares during the period. Maryland State Retirement & Pension System increased its stake in Patterson-UTI Energy by 2.0% during the 2nd quarter. Maryland State Retirement & Pension System now owns 87,978 shares of the oil and gas company’s stock worth $1,387,000 after buying an additional 1,718 shares during the period. Finally, SG Americas Securities LLC increased its stake in Patterson-UTI Energy by 72.4% during the 2nd quarter. SG Americas Securities LLC now owns 69,791 shares of the oil and gas company’s stock worth $1,100,000 after buying an additional 29,301 shares during the period. 95.14% of the stock is owned by hedge funds and other institutional investors.
Patterson-UTI Energy Stock Performance
The firm’s 50 day moving average is $15.99 and its two-hundred day moving average is $14.99. The stock has a market capitalization of $3.53 billion, a PE ratio of -7.58 and a beta of 2.27. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.23 and a current ratio of 1.35.
Patterson-UTI Energy Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be given a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 0.98%. The ex-dividend date of this dividend is Wednesday, August 31st. Patterson-UTI Energy’s dividend payout ratio is presently -7.44%.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.
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