Patterson-UTI Energy Inc. (NASDAQ:PTEN) shares traded -1.54% lower at $14.03 on Wall Street last session.
In accordance with the data, 17 analysts cover Patterson-UTI Energy Inc. (NASDAQ:PTEN). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $22.00 and a low of $14.00, we find $18.00. Given the previous closing price of $14.25, this indicates a potential upside of 26.32 percent. PTEN stock price is now 0.15% away from the 50-day moving average and 0.10% away from the 200-day moving average. The market capitalization of the company currently stands at $3.42B.
It has been rated a hold by 6 analysts and a buy by 9. Brokers who have rated the stock have averaged $17.97 as their price target over the next twelve months.
In other news, Holcomb James Michael, Chief Operating Officer sold 8,802 shares of the company’s stock on Jul 25. The stock was sold for $136,167 at an average price of $15.47. Upon completion of the transaction, the Chief Operating Officer now directly owns 387,925 shares in the company, valued at $5.44 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jul 18, President & CEO Hendricks William Andrew JR sold 200,000 shares of the business’s stock. A total of $2,968,000 was realized by selling the stock at an average price of $14.84. This leaves the insider owning 1,886,874 shares of the company worth $26.47 million. Insiders disposed of 1,495,791 shares of company stock worth roughly $20.99 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 PACER ADVISORS, INC. during the first quarter worth $36,806,000. HOLOCENE ADVISORS, LP invested $15,483,000 in shares of PTEN during the first quarter. In the first quarter, LMR PARTNERS LLP acquired a new stake in Patterson-UTI Energy Inc. valued at approximately $14,030,000. ALPINE ASSOCIATES MANAGEMENT INC. acquired a new stake in PTEN for approximately $9,973,000. M&G INVESTMENT MANAGEMENT LTD purchased a new stake in PTEN valued at around $8,211,000 in the second quarter. In total, there are 390 active investors with 99.00% ownership of the company’s stock.
Patterson-UTI Energy Inc. (NASDAQ: PTEN) opened at $14.28 on Wednesday. During the past 12 months, Patterson-UTI Energy Inc. has had a low of $9.70 and a high of $19.81. As of last week, the company has a debt-to-equity ratio of 0.48, a current ratio of 1.80, and a quick ratio of 1.60. According to the stock market information, the enterprise value for the company is $4.10B, which is based on a 8.76 price-to-earnings ratio, a 0.20 price-to-earnings-growth ratio, and a beta of 2.39. The fifty day moving average price for PTEN is $14.06 and a two-hundred day moving average price translates $13.99 for the stock.
The latest earnings results from Patterson-UTI Energy Inc. (NASDAQ: PTEN) was released for Jun, 2023. According to the Oil & Gas Drilling Company, earnings per share came in at $0.4, missing analysts’ expectations of $0.44 by -0.04. This compares to $0.10 EPS in the same period last year. The net profit margin was 11.30% and return on equity was 20.70% for PTEN. The company reported revenue of $758.88 million for the quarter, compared to $622.24 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 21.96 percent. For the current quarter, analysts expect PTEN to generate $707.07M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 09/21/2023. Investors who held shares on 09/07/2023 were paid a $0.08 dividend. On an annualized basis, this represents a $0.32 dividend and a 2.28% percent yield. There was an ex-dividend date of 09/06/2023 for this dividend. In terms of dividend payout ratio, PTEN is presently at 17.20%.
Patterson-UTI Energy Inc.(PTEN) Company Profile
Patterson-UTI Energy, Inc., through its subsidiaries, provides 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. 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.
