Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating)'s share price was up 6% on Monday after Morgan Stanley raised their price target on the stock from $19.00 to $21.00. Morgan Stanley currently has an overweight rating on the stock. Patterson-UTI Energy traded as high as $11.68 and last traded at $11.51. Approximately 126,342 shares changed hands during trading, a decline of 96% from the average daily volume of 3,530,167 shares. The stock had previously closed at $10.86.
A number of other brokerages have also commented on PTEN. Bank of America lowered Patterson-UTI Energy from a "buy" rating to a "neutral" rating and lowered their price objective for the company from $22.00 to $13.50 in a report on Friday, July 15th. Susquehanna Bancshares raised their target price on shares of Patterson-UTI Energy from $20.00 to $23.00 and gave the company a "positive" rating in a research note on Wednesday, June 8th. Piper Sandler cut shares of Patterson-UTI Energy from an "overweight" rating to a "neutral" rating and upped their price target 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. Susquehanna upped their price target on Patterson-UTI Energy from $20.00 to $23.00 in a report on Wednesday, June 8th. Finally, StockNews.com upgraded shares of Patterson-UTI Energy from a "sell" rating to a "hold" rating in a research note on Friday, July 29th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $20.13.
Get Patterson-UTI Energy alerts:Insider Activity at Patterson-UTI Energy
In other Patterson-UTI Energy news, insider James Michael Holcomb sold 8,333 shares of the firm's stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $16.00, for a total transaction of $133,328.00. Following the completion of the transaction, the insider now owns 348,109 shares in the company, valued at $5,569,744. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the business's stock in a transaction dated Monday, July 11th. The shares were sold at an average price of $13.76, for a total value of $1,376,000.00. Following the transaction, the chief executive officer now directly owns 1,801,374 shares in the company, valued at $24,786,906.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider James Michael Holcomb sold 8,333 shares of the firm's stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $16.00, for a total transaction of $133,328.00. Following the sale, the insider now directly owns 348,109 shares of the company's stock, valued at approximately $5,569,744. The disclosure for this sale can be found here. Insiders have sold a total of 116,666 shares of company stock valued at $1,645,239 over the last quarter. 2.70% of the stock is owned by company insiders.
Institutional Investors Weigh In On Patterson-UTI Energy
Large investors have recently bought and sold shares of the business. AE Wealth Management LLC acquired a new position in Patterson-UTI Energy in the first quarter worth $657,000. New York State Common Retirement Fund lifted its position in Patterson-UTI Energy by 402.8% during the 1st quarter. New York State Common Retirement Fund now owns 907,580 shares of the oil and gas company's stock worth $14,049,000 after buying an additional 727,079 shares in the last quarter. American Century Companies Inc. grew its holdings in Patterson-UTI Energy by 20.9% during the 1st quarter. American Century Companies Inc. now owns 331,080 shares of the oil and gas company's stock worth $5,125,000 after acquiring an additional 57,327 shares during the last quarter. Journey Strategic Wealth LLC acquired a new stake in Patterson-UTI Energy in the 4th quarter valued at about $106,000. Finally, GSA Capital Partners LLP bought a new position in shares of Patterson-UTI Energy in the first quarter worth about $339,000. 99.72% of the stock is currently owned by institutional investors.Patterson-UTI Energy Price Performance
The company has a quick ratio of 1.27, a current ratio of 1.39 and a debt-to-equity ratio of 0.56. The stock's 50-day moving average price is $14.70 and its 200-day moving average price is $15.63. The company has a market capitalization of $2.41 billion, a price-to-earnings ratio of -5.17 and a beta of 2.25.
Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last announced its quarterly earnings data on Wednesday, July 27th. The oil and gas company reported $0.05 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.06. The firm had revenue of $622.24 million for the quarter, compared to analyst estimates of $576.38 million. Patterson-UTI Energy had a negative return on equity of 11.42% and a negative net margin of 23.09%. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post 0.36 earnings per share for the current year.
Patterson-UTI Energy Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st were given a dividend of $0.04 per share. The ex-dividend date of this dividend was Wednesday, August 31st. This represents a $0.16 dividend on an annualized basis and a yield of 1.44%. Patterson-UTI Energy's payout ratio is presently -7.44%.
About Patterson-UTI Energy
(Get Rating)
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.
Featured Stories
- Get a free copy of the StockNews.com research report on Patterson-UTI Energy (PTEN)
- Is the Market Overreacting with Shopify Stock?
- MO Money: Why Altria Group Stock is Rallying
- Three Consumer Stocks That Could Outperform In Q4
- Comcast is an Asset Bonanza Priced Cheap
- Will Synthetic Biology Firm Amyris Post Net Income In 2024?
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.