Patterson-UTI Energy (NASDAQ:PTEN) Hits New 52-Week High – Should You Buy?

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) shares reached a new 52-week high during trading on Monday . The stock traded as high as $9.38 and last traded at $9.26, with a volume of 3336688 shares trading hands. The stock had previously closed at $8.97.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Piper Sandler boosted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Finally, Citigroup boosted their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Hold” and a consensus price target of $8.11.

Patterson-UTI Energy Price Performance

The firm has a market capitalization of $3.61 billion, a PE ratio of -38.00 and a beta of 0.71. The company has a 50-day moving average price of $7.65 and a 200-day moving average price of $6.48. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the company earned ($0.13) EPS. Sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Monday, March 2nd. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio is presently -160.00%.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the sale, the director owned 207,000 shares in the company, valued at $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PTEN. Quarry LP grew its position in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares during the period. Versant Capital Management Inc lifted its stake in shares of Patterson-UTI Energy by 127.3% in the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 3,343 shares in the last quarter. First Horizon Corp lifted its stake in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth about $37,000. Finally, Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $44,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

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.