Patterson-UTI Energy (NASDAQ:PTEN) Trading 7.5% Higher – Here’s Why

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) were up 7.5% during mid-day trading on Tuesday . The stock traded as high as $9.18 and last traded at $9.1990. Approximately 5,629,676 shares traded hands during trading, a decline of 46% from the average session volume of 10,382,104 shares. The stock had previously closed at $8.56.

Analyst Ratings Changes

Several research firms have weighed in on PTEN. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Morgan Stanley lifted their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Royal Bank Of Canada boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Citigroup lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research note on Monday, June 29th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $12.15.

Patterson-UTI Energy Trading Down 2.5%

The firm has a market cap of $3.59 billion, a price-to-earnings ratio of -30.50 and a beta of 0.62. The business has a 50 day moving average of $11.09 and a 200 day moving average of $9.51. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. The company’s revenue was down 12.7% compared to the same quarter last year. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.14 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.40 annualized dividend and a dividend yield of 4.2%. Patterson-UTI Energy’s dividend payout ratio is presently -129.03%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. This represents a 19.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $11.85, for a total value of $2,962,500.00. Following the transaction, the chief executive officer directly owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. This represents a 8.14% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently added to or reduced their stakes in the business. Quarry LP boosted its stake in Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after buying an additional 3,862 shares during the last quarter. First Horizon Corp lifted its holdings in shares of Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 2,049 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in shares of Patterson-UTI Energy by 187.6% during 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. Torren Management LLC acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 7,171 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.