Patterson-UTI Energy (NASDAQ:PTEN) Stock Acquired Rep. Debbie Wasserman Schultz

Representative Debbie Wasserman Schultz (D-Florida) recently bought shares of Patterson-UTI Energy, Inc. NASDAQ: PTEN. In a filing disclosed on November 20th, the Representative disclosed that they had bought between $1,001 and $15,000 in Patterson-UTI Energy stock on October 23rd.

Representative Debbie Wasserman Schultz also recently made the following trade(s):

• Sold $1,001 - $15,000 in shares of New Gold NYSE: NGD on 11/18/2024.
• Purchased $1,001 - $15,000 in shares of Baxter International NYSE: BAX on 11/18/2024.
• Purchased $1,001 - $15,000 in shares of Viasat NASDAQ: VSAT on 10/23/2024.

Patterson-UTI Energy Stock Up 3.8 %

Shares of Patterson-UTI Energy stock traded up $0.32 during trading on Friday, hitting $8.68. 10,437,820 shares of the stock traded hands, compared to its average volume of 7,212,608. The stock has a market cap of $3.38 billion, a P/E ratio of -3.96 and a beta of 2.12. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy, Inc. has a twelve month low of $7.38 and a twelve month high of $12.65. The company has a fifty day moving average price of $8.11 and a two-hundred day moving average price of $9.29.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a dividend yield of 3.69%. Patterson-UTI Energy's dividend payout ratio is -14.61%.

Institutional Trading of Patterson-UTI Energy

A number of large investors have recently bought and sold shares of PTEN. Hexagon Capital Partners LLC boosted its stake in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company's stock worth $33,000 after purchasing an additional 3,087 shares in the last quarter. Covestor Ltd boosted its stake in Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company's stock worth $53,000 after purchasing an additional 3,307 shares in the last quarter. CWM LLC boosted its stake in Patterson-UTI Energy by 49.9% in the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company's stock worth $63,000 after purchasing an additional 2,012 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company's stock worth $73,000 after purchasing an additional 1,901 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several analyst reports. Susquehanna reduced their target price on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating for the company in a report on Friday, October 11th. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a report on Friday, October 25th. Barclays reduced their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a report on Wednesday, October 16th. Morgan Stanley reduced their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating for the company in a report on Monday, September 16th. Finally, Raymond James dropped their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating on the stock in a research report on Friday, October 25th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $11.88.

About Representative Wasserman Schultz

Debbie Wasserman Schultz (Democratic Party) is a member of the U.S. House, representing Florida's 25th Congressional District. She assumed office on January 3, 2023. Her current term ends on January 3, 2025. Wasserman Schultz (Democratic Party) is running for re-election to the U.S. House to represent Florida's 25th Congressional District. She declared candidacy for the Democratic primary scheduled on August 20, 2024. Wasserman Schultz was first elected to the U.S. House in 2004 from District 20. She previously represented District 34 of the Florida State Senate from 2003 to 2004, District 32 of the Florida State Senate from 2001 to 2003, and District 97 of the Florida House of Representatives from 1993 to 2001. She served as one of the Chief Deputy Whips of the Democratic caucus for the 113th Congress. She also served as the chair of the Democratic National Committee. On July 24, 2016, Wasserman Schultz announced that she would resign her leadership position at the end of the party's convention. Wasserman Schultz was considered a possible candidate in 2016 for U.S. Senate. However, she announced on March 17, 2015, that she would not seek the Senate seat and would instead run for re-election to the House. Debbie Wasserman Schultz was born in Forest Hills, New York. Wasserman Schultz graduated from Half Hollow Hills High School East in 1984. She earned a B.A. and M.A. from the University of Florida in 1988 and 1990, respectively. Wasserman Schultz's career experience includes working as a staffer to former U.S. Representative Peter Deutsch.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.