Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $16.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price target lifted by Barclays from $15.00 to $16.00 in a report published on Wednesday,Benzinga reports. Barclays currently has an overweight rating on the oil and gas company’s stock.

A number of other equities research analysts have also issued reports on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. The Goldman Sachs Group boosted their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target on the stock in a report on Friday, July 31st. Finally, Piper Sandler raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price target for the company in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average target price of $12.95.

Patterson-UTI Energy Trading Down 1.8%

NASDAQ PTEN opened at $9.87 on Wednesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of -42.91 and a beta of 0.63. The firm’s fifty day moving average price is $10.16 and its 200 day moving average price is $10.02.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.10 per share. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 4.1%. Patterson-UTI Energy’s dividend payout ratio is presently -173.91%.

Insiders Place Their Bets

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the completion of the sale, the chief executive officer directly owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction 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 represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 363,670 shares of company stock worth $4,212,677. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Quarry LP boosted its holdings in shares of 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 valued at $26,000 after purchasing an additional 3,862 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy in the second quarter valued at $32,000. First Horizon Corp lifted its holdings in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. boosted its holdings in 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 last quarter. Finally, Torren Management LLC bought a new stake in Patterson-UTI Energy in the fourth quarter worth about $44,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.