Key Points
- Executive sale: Patterson-UTI Energy EVP Seth Wexler sold 120,000 shares for approximately $1.53 million at an average price of $12.75, reducing his ownership by 22.88% to 404,582 shares.
- Stock and dividend: PTEN recently traded at $12.55, near its 52-week high of $13.31. The company declared a quarterly dividend of $0.10 per share, equivalent to a 3.2% annualized yield.
- Analyst outlook: Analysts maintain a consensus “Moderate Buy” rating, with a target price of $12.95; nine analysts rate the stock Buy, five Hold, and one Sell.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) Director Robert Wayne Drummond, Jr. sold 1,605 shares of Patterson-UTI Energy stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $12.85, for a total transaction of $20,624.25. Following the sale, the director owned 1,127,168 shares in the company, valued at $14,484,108.80. This represents a 0.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Patterson-UTI Energy Stock Performance
NASDAQ:PTEN opened at $12.55 on Friday. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.31. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $4.79 billion, a PE ratio of -54.57 and a beta of 0.66. The firm has a 50-day moving average price of $10.53 and a 200 day moving average price of $10.60.
Patterson-UTI Energy Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.2%. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -173.91%.
Wall Street Analyst Weigh In
Several brokerages have recently commented on PTEN. Susquehanna boosted their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a report on Monday, August 3rd. JPMorgan Chase & Co. raised Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price target for the company in a report on Friday, July 31st. Citigroup cut their price objective on Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating for the company in a research report on Monday, June 29th. Weiss Ratings reissued a "sell (d+)" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Piper Sandler restated an "overweight" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $12.95.
View Our Latest Report on PTEN
Hedge Funds Weigh In On Patterson-UTI Energy
Large investors have recently made changes to their positions in the company. Royal Bank of Canada increased its position in Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock worth $1,397,000 after purchasing an additional 32,622 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Patterson-UTI Energy by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock valued at $1,904,000 after purchasing an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Patterson-UTI Energy by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock valued at $39,024,000 after purchasing an additional 220,422 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Patterson-UTI Energy during the 1st quarter worth approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Patterson-UTI Energy by 3.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock worth $7,106,000 after buying an additional 30,217 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.
About Patterson-UTI Energy
(
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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