Key Points
- Director James Carl Stewart sold 207,000 Patterson-UTI Energy shares at an average price of $11.54, generating approximately $2.39 million in proceeds.
- Patterson-UTI shares opened at $11.75, versus a 52-week range of $5.10 to $13.08. The company declared a quarterly dividend of $0.10 per share, implying a 3.4% annualized yield.
- Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $12.95 price target, while institutional investors own 97.91% of the stock.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director James Carl Stewart sold 207,000 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Patterson-UTI Energy Price Performance
Shares of NASDAQ:PTEN opened at $11.75 on Thursday. The stock has a market cap of $4.48 billion, a PE ratio of -51.09 and a beta of 0.63. The company's fifty day moving average is $10.21 and its 200 day moving average is $10.42. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.
Patterson-UTI Energy Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, September 1st. Patterson-UTI Energy's dividend payout ratio (DPR) is -173.91%.
Hedge Funds Weigh In On Patterson-UTI Energy
Several hedge funds have recently made changes to their positions in PTEN. Quarry LP lifted its stake in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 3,862 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy in the second quarter valued at $32,000. Rockefeller Capital Management L.P. increased its position 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 valued at $40,000 after purchasing an additional 4,299 shares during the period. Torren Management LLC purchased a new position in Patterson-UTI Energy during the 4th quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC raised its holdings in Patterson-UTI Energy by 494.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after purchasing an additional 7,171 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on PTEN shares. Weiss Ratings reissued a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Piper Sandler restated an "overweight" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Royal Bank Of Canada lifted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Stifel Nicolaus boosted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, June 16th. Finally, Barclays increased their price objective on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an "overweight" rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.95.
Check Out Our Latest Stock Analysis on PTEN
Patterson-UTI Energy Company Profile
(
Get Free Report)
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.
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