Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Up After Analyst Upgrade

Posted by MarketBeat News on Aug 2nd, 2022

Patterson-UTI Energy logo Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating)’s stock price gapped up prior to trading 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.

Other research analysts have also recently issued reports about the company. Piper Sandler cut Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and lifted their price target for the company from $21.00 to $22.75 in a research report on Tuesday, May 31st. They noted that the move was a valuation call. Barclays lifted their price target on Patterson-UTI Energy from $20.00 to $24.00 and gave the company an “overweight” rating in a research report on Monday. StockNews.com upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Friday. Bank of America cut 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 research report on Friday, July 15th. Finally, Benchmark began coverage on Patterson-UTI Energy in a research report on Monday, April 18th. They issued a “buy” rating and a $21.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $19.93.

Insider Transactions at Patterson-UTI Energy

In other news, insider James Michael Holcomb sold 8,333 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, June 13th. The stock was sold at an average price of $17.45, for a total value of $145,410.85. Following the sale, the insider now directly owns 364,775 shares of the company’s stock, valued at $6,365,323.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, May 10th. The stock was sold at an average price of $14.37, for a total value 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 $31,633,744.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Michael Holcomb sold 8,333 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, June 13th. The stock was sold at an average price of $17.45, for a total value of $145,410.85. Following the completion of the sale, the insider now directly owns 364,775 shares in the company, valued at $6,365,323.75. The disclosure for this sale can be found here. Insiders have sold 543,333 shares of company stock valued at $8,934,161 over the last ninety days. Insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AE Wealth Management LLC acquired a new position in Patterson-UTI Energy during the first quarter worth $657,000. ProShare Advisors LLC boosted its stake in Patterson-UTI Energy by 64.6% during the fourth quarter. ProShare Advisors LLC now owns 47,581 shares of the oil and gas company’s stock worth $402,000 after buying an additional 18,672 shares during the last quarter. Fisher Asset Management LLC boosted its stake in Patterson-UTI Energy by 5,377.5% during the fourth quarter. Fisher Asset Management LLC now owns 942,901 shares of the oil and gas company’s stock worth $7,968,000 after buying an additional 925,687 shares during the last quarter. Journey Strategic Wealth LLC acquired a new position in Patterson-UTI Energy during the fourth quarter worth $106,000. Finally, Jennison Associates LLC acquired a new position in Patterson-UTI Energy during the fourth quarter worth $3,904,000. Institutional investors and hedge funds own 95.14% of the company’s stock.

Patterson-UTI Energy Price Performance

The stock has a 50 day simple moving average of $16.03 and a two-hundred day simple moving average of $14.94. The company has a market cap of $3.55 billion, a price-to-earnings ratio of -7.63 and a beta of 2.27. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.23.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st will be paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 0.98%. The ex-dividend date is Wednesday, August 31st. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -7.44%.

About Patterson-UTI Energy

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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.