Patterson-UTI Energy (PTEN) – Analysts’ Weekly Ratings Changes

Several brokerages have updated their recommendations and price targets on shares of Patterson-UTI Energy (NASDAQ: PTEN) in the last few weeks:

• 11/14/2023 – Patterson-UTI Energy had its price target lowered by analysts at Barclays PLC from $18.00 to $16.00. They now have an “overweight” rating on the stock.
• 11/13/2023 – Patterson-UTI Energy was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating.
• 11/13/2023 – Patterson-UTI Energy had its price target lowered by analysts at Piper Sandler from $20.00 to $19.00. They now have an “overweight” rating on the stock.
• 11/9/2023 – Patterson-UTI Energy had its price target lowered by analysts at Raymond James from $23.00 to $21.00. They now have a “strong-buy” rating on the stock.
• 11/9/2023 – Patterson-UTI Energy had its price target lowered by analysts at Susquehanna from $18.00 to $16.00. They now have a “positive” rating on the stock.
• 11/9/2023 – Patterson-UTI Energy had its price target lowered by analysts at Royal Bank of Canada from $19.00 to $17.00. They now have an “outperform” rating on the stock.
• 10/26/2023 – Patterson-UTI Energy was upgraded by analysts at TheStreet from a “c+” rating to a “b-” rating.
• 10/25/2023 – Patterson-UTI Energy was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating.
• 10/17/2023 – Patterson-UTI Energy was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating. They now have a $17.00 price target on the stock, down previously from $20.00.
• 10/16/2023 – Patterson-UTI Energy was upgraded by analysts at Bank of America Co. from a “neutral” rating to a “buy” rating. They now have a $16.00 price target on the stock, up previously from $14.00.
• 10/9/2023 – Patterson-UTI Energy was upgraded by analysts at Citigroup Inc. from a “neutral” rating to a “buy” rating. They now have a $18.00 price target on the stock, up previously from $15.00.
• 10/5/2023 – Patterson-UTI Energy is now covered by analysts at StockNews.com. They set a “buy” rating on the stock.
• 10/2/2023 – Patterson-UTI Energy had its price target raised by analysts at Raymond James from $18.00 to $23.00. They now have a “strong-buy” rating on the stock.

Patterson-UTI Energy Price Performance

PTEN traded down $0.14 on Tuesday, hitting $11.88. 147,087 shares of the company’s stock were exchanged, compared to its average volume of 4,532,834. Patterson-UTI Energy, Inc. has a fifty-two week low of $9.70 and a fifty-two week high of $18.69. The stock has a market cap of $4.96 billion, a price-to-earnings ratio of 9.00, a P/E/G ratio of 0.17 and a beta of 2.41. The firm has a 50-day moving average price of $13.43 and a 200-day moving average price of $13.11. The company has a current ratio of 1.37, a quick ratio of 1.19 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Tuesday, November 7th. The oil and gas company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.04). The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $978.20 million. Patterson-UTI Energy had a return on equity of 14.08% and a net margin of 8.49%. During the same quarter in the previous year, the firm posted $0.28 earnings per share. As a group, equities analysts anticipate that Patterson-UTI Energy, Inc. will post 1.27 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Friday, December 1st will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend is Thursday, November 30th. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 24.24%.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, CFO Charles Andrew Smith sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $15.10, for a total value of $151,000.00. Following the transaction, the chief financial officer now directly owns 504,413 shares in the company, valued at approximately $7,616,636.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Patterson-UTI Energy news, CFO Charles Andrew Smith sold 10,000 shares of the firm’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $15.10, for a total transaction of $151,000.00. Following the completion of the sale, the chief financial officer now owns 504,413 shares of the company’s stock, valued at $7,616,636.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider James Michael Holcomb sold 11,816 shares of Patterson-UTI Energy stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $15.95, for a total value of $188,465.20. Following the completion of the sale, the insider now owns 376,109 shares in the company, valued at approximately $5,998,938.55. The disclosure for this sale can be found here. Insiders have sold a total of 131,816 shares of company stock worth $2,091,465 in the last quarter. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Capital Advisors Ltd. LLC acquired a new position in Patterson-UTI Energy during the third quarter worth $25,000. Arcadia Investment Management Corp MI lifted its stake in Patterson-UTI Energy by 1,000.0% during the 1st quarter. Arcadia Investment Management Corp MI now owns 2,200 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 2,000 shares in the last quarter. CWM LLC boosted its holdings in Patterson-UTI Energy by 40.9% during the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 791 shares during the period. Coppell Advisory Solutions Corp. acquired a new position in Patterson-UTI Energy in the 4th quarter valued at about $47,000. Finally, Quarry LP increased its stake in Patterson-UTI Energy by 157.2% during the second quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 1,714 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy, Inc, through its subsidiaries, provides 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.