Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Breaks Above 200-Day Moving Average – Here’s Why

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $11.02 and traded as high as $11.35. Patterson-UTI Energy shares last traded at $11.30, with a volume of 8,365,895 shares changing hands.

Analyst Ratings Changes

PTEN has been the topic of a number of recent research reports. Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Barclays boosted their price objective on Patterson-UTI Energy from $15.00 to $16.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a report on Friday, July 31st. Finally, Susquehanna increased their price target on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research report on Monday, August 3rd. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average price target of $13.14.

Patterson-UTI Energy Stock Performance

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’s 50-day moving average is $11.46 and its two-hundred day moving average is $11.03. The stock has a market cap of $4.28 billion, a P/E ratio of -48.74 and a beta of 0.77.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were paid a $0.10 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.6%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -173.91%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, EVP Seth Wexler sold 120,000 shares of the stock in a transaction 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 sale, the executive vice president directly owned 404,582 shares of the company’s stock, valued at $5,158,420.50. This represents a 22.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 1,027,000 shares of company stock valued at $12,698,780. 2.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Patterson-UTI Energy during the second quarter worth $32,000. Rockefeller Capital Management L.P. grew its stake in Patterson-UTI Energy by 187.6% in 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 purchasing an additional 4,299 shares in the last quarter. Nykredit A S acquired a new position in Patterson-UTI Energy during the second quarter worth approximately $56,000. Global Retirement Partners LLC grew its position in shares of Patterson-UTI Energy by 4,765.4% in the fourth quarter. Global Retirement Partners LLC now owns 10,120 shares of the oil and gas company’s stock valued at $62,000 after purchasing an additional 9,912 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in Patterson-UTI Energy by 268,475.0% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 10,743 shares of the oil and gas company’s stock worth $66,000 after purchasing an additional 10,739 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, Inc (NASDAQ: PTEN) is an energy services company that provides drilling and well-completion solutions to oil and natural gas exploration and production companies. Its operations support the development of unconventional and conventional wells, primarily in North America.

The company’s drilling services include contract land drilling, directional drilling, and related technologies designed to improve well placement, efficiency, and performance. Patterson-UTI also provides completion services, including pressure pumping, wireline, and other well-completion and production-support services.

Through its drilling products business, Patterson-UTI manufactures and distributes drilling equipment and downhole tools, including drill bits, drilling motors, and related products.