Patterson-UTI Energy (NASDAQ:PTEN) Shares Gap Up – What’s Next?

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) gapped up prior to trading on Wednesday . The stock had previously closed at $9.17, but opened at $9.75. Patterson-UTI Energy shares last traded at $9.2920, with a volume of 931,748 shares changing hands.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of recent research reports. Piper Sandler raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price objective for the company in a research report on Tuesday, July 14th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a research report on Monday, April 20th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Royal Bank Of Canada lifted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Finally, Morgan Stanley increased their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $12.15.

Patterson-UTI Energy Trading Up 2.2%

The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The stock has a market capitalization of $3.56 billion, a PE ratio of -30.13 and a beta of 0.62. The business’s fifty day moving average is $10.47 and its 200-day moving average is $9.88.

Insider Buying and Selling at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the transaction, the chief executive officer directly owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of Patterson-UTI Energy stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the transaction, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. The trade was a 26.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,007,844 shares of company stock worth $11,922,302. 2.20% of the stock is currently owned by company insiders.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently modified their holdings of the company. Quarry LP increased its position in Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. First Horizon Corp lifted its position in Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. lifted its position in Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 4,299 shares in the last quarter. Torren Management LLC purchased a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC grew its stake in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after buying an additional 7,171 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.