Patterson-UTI Energy (NASDAQ: PTEN – Get Rating) had its target price hoisted by analysts at Susquehanna Bancshares from $ 20.00 to $ 23.00 in a report released on Wednesday, Stock Target Advisor reports. The brokerage presently has a “positive” rating on the oil and gas company stock. Susquehanna Bancshares’ price objective would suggest a potential upside of 22.80% from the stock’s current price.
Other research analysts also recently issued research reports about the stock. Piper Sandler downgraded shares of Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $ 21.00 to $ 22.75 in a research note on Tuesday, May 31st. They noted that the move was a valuation call. Susquehanna increased their target price on shares of Patterson-UTI Energy from $ 20.00 to $ 23.00 in a report on Wednesday. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, May 28th. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $ 20.00 target price on the stock in a report on Thursday, May 26th. Finally, Citigroup increased their target price on shares of Patterson-UTI Energy from $ 11.00 to $ 15.00 and gave the stock a “buy” rating in a report on Tuesday, February 15th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $ 17.93.
PTEN stock opened at $ 18.73 on Wednesday. The company has a market capitalization of $ 4.05 billion, a PE ratio of -6.69 and a beta of 2.37. Patterson-UTI Energy has a 12 month low of $ 6.44 and a 12 month high of $ 20.53. The firm’s 50-day moving average is $ 17.04 and its 200 day moving average is $ 13.25. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.23.
Patterson-UTI Energy (NASDAQ: PTEN – Get Rating) last posted its quarterly earnings results on Wednesday, April 27th. The oil and gas company reported ($ 0.13) EPS for the quarter, topping the consensus estimate of ($ 0.21) by $ 0.08. The company had revenue of $ 509.80 million for the quarter, compared to the consensus estimate of $ 512.08 million. Patterson-UTI Energy had a negative net margin of 35.49% and a negative return on equity of 17.74%. The firm’s revenue was up 111.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($ 0.57) EPS. Sell-side analysts forecast that Patterson-UTI Energy will post 0.11 EPS for the current fiscal year.
In related news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, March 17th. The shares were sold at an average price of $ 15.04, for a total value of $ 1,504,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kenneth N. Berns sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 25th. The stock was sold at an average price of $ 17.89, for a total transaction of $ 1,341,750.00. Following the transaction, the executive vice president now directly owns 761,732 shares of the company stock, valued at $ 13,627,385.48. The disclosure for this sale can be found here. Insiders sold a total of 509,650 shares of company stock worth $ 8,080,231 over the last 90 days. Company insiders own 2.70% of the company stock.
Several large investors have recently bought and sold shares of the company. BlackRock Inc. increased its holdings in shares of Patterson-UTI Energy by 1.4% during the 1st quarter. BlackRock Inc. now owns 35,469,236 shares of oil and gas company stock valued at $ 549,064,000 after purchasing an additional 476,464 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Patterson-UTI Energy by 9.2% during the 1st quarter. Vanguard Group Inc. now owns 23,989,159 shares of oil and gas company stock valued at $ 371,352,000 after purchasing an additional 2,013,253 shares in the last quarter. State Street Corp increased its holdings in shares of Patterson-UTI Energy by 8.6% during the 1st quarter. State Street Corp now owns 8,833,700 shares of the oil and gas company stock valued at $ 136,746,000 after purchasing an additional 697,141 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Patterson-UTI Energy by 3.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,807,426 shares of the oil and gas company stock valued at $ 136,338,000 after purchasing an additional 266,803 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Patterson-UTI Energy by 504.1% during the 4th quarter. JPMorgan Chase & Co. now owns 8,090,604 shares of oil and gas company stock valued at $ 68,366,000 after purchasing an additional 6,751,253 shares in the last quarter. 95.14% of the stock is owned by hedge funds and other institutional investors.
Patterson-UTI Energy Company Profile: (Get Rating)
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.
Receive News & Ratings for Patterson-UTI Energy Daily: – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Patterson-UTI Energy and related companies with MarketBeat.com’s FREE daily email newsletter.