Patterson-UTI Energy (NASDAQ:PTEN) Hits New 12-Month High – Here’s What Happened

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) reached a new 52-week high on Thursday . The company traded as high as $13.39 and last traded at $12.8130, with a volume of 403068 shares. The stock had previously closed at $12.93.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Citigroup increased their price target on Patterson-UTI Energy from $10.50 to $13.50 and gave the stock a “neutral” rating in a research report on Friday, September 4th. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. The Goldman Sachs Group upped their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Piper Sandler reissued an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Finally, Royal Bank Of Canada raised their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $13.25.

Patterson-UTI Energy Stock Performance

The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57. The firm has a market capitalization of $4.90 billion, a price-to-earnings ratio of -55.72 and a beta of 0.66. The firm has a 50 day moving average price of $10.80 and a 200-day moving average price of $10.72.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a $0.10 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.1%. Patterson-UTI Energy’s payout ratio is currently -173.91%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the business’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the sale, the director owned 928,773 shares in the company, valued at $11,934,733.05. The trade was a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Seth Wexler sold 120,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president directly owned 404,582 shares of the company’s stock, valued at $5,158,420.50. This trade represents a 22.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 777,000 shares of company stock valued at $9,721,280 in the last 90 days. Company insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Lazard Asset Management LLC boosted its holdings in shares of Patterson-UTI Energy by 6.2% in the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after buying an additional 1,255 shares in the last quarter. O Shaughnessy Asset Management LLC lifted its position in Patterson-UTI Energy by 11.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after acquiring an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd lifted its position in Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,547 shares during the last quarter. Assetmark Inc. boosted its stake in Patterson-UTI Energy by 8.1% in the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock valued at $258,000 after acquiring an additional 1,786 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after acquiring an additional 1,915 shares in the last quarter. Institutional investors and hedge funds 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.