Patterson-UTI Energy (PTEN) Reaches New 52-Week Low Amidst Analyst Activity
- Stock Performance: Patterson-UTI Energy, Inc. (NASDAQ: PTEN) shares reached a new 52-week low, trading as low as $9.51 and closing at $9.57, with a volume of 265,737 shares.
- Analyst Ratings:
- Benchmark: Reiterated a “hold” rating.
- Piper Sandler: Cut price target from $17.00 to $14.00, maintaining an “overweight” rating.
- Susquehanna: Reiterated a “positive” rating with a $16.00 target price.
- StockNews.com: Downgraded to “sell.”
- Bank of America: Lowered price target from $14.50 to $14.00, maintaining a “buy” rating.
- Consensus Rating: “Moderate Buy” with a consensus target price of $15.82 based on MarketBeat.com data.
- Financial Metrics:
- Current Ratio: 1.48
- Quick Ratio: 1.28
- Debt-to-Equity Ratio: 0.26
- Market Cap: $3.93 billion
- P/E Ratio: 14.38
- Beta: 2.19
- Recent Earnings: Reported $0.15 EPS for Q1 2024, exceeding consensus estimates by $0.02. Revenue was $1.51 billion.
- Dividend: Quarterly dividend of $0.08 per share, representing a 3.27% yield.
- Insider Activity: Director Robert Wayne Drummond, Jr. sold 150,000 shares at $11.55 per share, totaling $1.73 million. Insiders own 2.30% of the stock.
- Institutional Activity:
- BNP Paribas: Increased stake by 92.1% in Q4.
- Raymond James & Associates: Increased stake by 22.2% in Q4.
- Edmond DE Rothschild Holding S.A.: Increased stake by 37.8% in Q4.
- Institutional ownership stands at 97.91%.
- Company Overview: Patterson-UTI Energy provides contract drilling, completion, and drilling products/services to oil and natural gas operators, operating through Drilling Services, Completion Services, and Drilling Products segments.
