Stocks of Patterson-UTI Energy Inc. (NASDAQ:PTEN) traded higher last session on Wall Street, down -2.48% to $15.73.
According to the data, Patterson-UTI Energy Inc. (NASDAQ:PTEN) has 15 analysts covering its stock. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $26.00 and a low of $18.00, we find $23.00. Given the previous closing price of $16.13, this indicates a potential upside of 42.59 percent. PTEN stock price is now -2.52% away from the 50-day moving average and 0.37% away from the 200-day moving average. The market capitalization of the company currently stands at $3.38B.
A total of 5 analysts have issued a hold rating and 7 have given it a buy rating. Brokers who have rated the stock have averaged $23.00 as their price target over the next twelve months.
On July 15, 2022, BofA Securities Downgraded its previous ‘Buy’ rating to ‘Neutral’ on the stock reducing its target price from $22 to quote $13.50, while ‘Piper Sandler’ rates the stock as ‘Neutral’.
In other news, Holcomb James Michael, President-Drilling Subsidiary sold 58,335 shares of the company’s stock on Nov 04. The stock was sold for $1,087,948 at an average price of $18.65. Upon completion of the transaction, the President-Drilling Subsidiary now directly owns 273,108 shares in the company, valued at $4.3 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Oct 26, President-Drilling Subsidiary Holcomb James Michael sold 16,666 shares of the business’s stock. A total of $266,823 was realized by selling the stock at an average price of $16.01. This leaves the insider owning 331,443 shares of the company worth $5.21 million. Insiders disposed of 2,636,491 shares of company stock worth roughly $41.47 million over the past 1 year. A total of 1.00% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in PTEN stock. A new stake in Patterson-UTI Energy Inc. shares was purchased by ASCRIBE CAPITAL LLC during the first quarter worth $59,223,000. CASTLEARK MANAGEMENT LLC invested $14,066,000 in shares of PTEN during the first quarter. In the first quarter, GREAT LAKES ADVISORS, LLC acquired a new stake in Patterson-UTI Energy Inc. valued at approximately $6,632,000. HRT FINANCIAL LP acquired a new stake in PTEN for approximately $6,215,000. BECK BODE, LLC purchased a new stake in PTEN valued at around $5,440,000 in the second quarter. In total, there are 371 active investors with 98.40% ownership of the company’s stock.
Wednesday’s opening bell rang with an opening price of $16.25 for Patterson-UTI Energy Inc. (NASDAQ: PTEN). During the past 12 months, Patterson-UTI Energy Inc. has had a low of $7.47 and a high of $20.53. As of last week, the company has a debt-to-equity ratio of 0.52, a current ratio of 1.50, and a quick ratio of 1.40. The fifty day moving average price for PTEN is $16.22 and a two-hundred day moving average price translates $15.68 for the stock.
The latest earnings results from Patterson-UTI Energy Inc. (NASDAQ: PTEN) was released for Sep, 2022. According to the Oil & Gas Drilling Company, earnings per share came in at $0.28, beating analysts’ expectations of $0.18 by 0.1. This compares to -$0.44 EPS in the same period last year. The net profit margin was -13.20% and return on equity was -19.20% for PTEN. The company reported revenue of $727.5 million for the quarter, compared to $357.88 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 103.28 percent. For the current quarter, analysts expect PTEN to generate $709.43M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 12/15/2022. Investors who held shares on 12/01/2022 were paid a $0.08 dividend. On an annualized basis, this represents a $0.32 dividend and a 2.03% percent yield. There was an ex-dividend date of 11/30/2022 for this dividend.
Patterson-UTI Energy Inc.(PTEN) Company Profile
Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia. As of December 31, 2021, this segment had a drilling fleet of 192 marketable land-based drilling rigs. The Pressure Pumping Services segment offers pressure pumping services that consist of well stimulation for the completion of new wells and remedial work on existing wells, as well as hydraulic fracturing, cementing, and acid pumping services in Texas and the Appalachian region. The Directional Drilling Services segment provides a suite of directional drilling services, including directional drilling and measurement-while-drilling services; supply and rental of downhole performance motors; and software and services that enhances the accuracy of directional and horizontal wellbores, wellbore quality, and on-bottom rate of penetration. It also services equipment to drilling contractors, as well as provides electrical controls and automation to the energy, marine, and mining industries in North America and other markets; and owns and invests in oil and natural gas assets as a non-operating working interest owner located principally in Texas and New Mexico. Patterson-UTI Energy, Inc. was founded in 1978 and is headquartered in Houston, Texas.