Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) was upgraded by stock analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, The Fly reports.
PTEN has been the topic of several other reports. Morgan Stanley boosted their price target on shares of Patterson-UTI Energy from $13.50 to $18.00 and gave the stock an “overweight” rating in a research report on Monday, April 11th. Piper Sandler upped their price target on shares of Patterson-UTI Energy from $20.00 to $21.00 in a research note on Wednesday, May 4th. Barclays increased their target price on shares of Patterson-UTI Energy from $16.00 to $20.00 in a research report on Monday, May 2nd. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Friday, May 20th. Finally, Benchmark began coverage on shares of Patterson-UTI Energy in a research note on Monday, April 18th. They issued a “buy” rating and a $21.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Buy” and an average price target of $15.61.
PTEN opened at $18.30 on Thursday. The company has a fifty day moving average price of $16.15 and a two-hundred day moving average price of $12.42. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.23 and a current ratio of 1.35. Patterson-UTI Energy has a 52 week low of $6.44 and a 52 week high of $18.77. The firm has a market capitalization of $3.96 billion, a PE ratio of -6.54 and a beta of 2.38.
Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last announced its quarterly earnings results on Wednesday, April 27th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.21) by $0.08. Patterson-UTI Energy had a negative net margin of 35.49% and a negative return on equity of 17.74%. The company had revenue of $509.80 million during the quarter, compared to analyst estimates of $512.08 million. During the same quarter in the previous year, the business earned ($0.57) EPS. The firm’s revenue was up 111.5% on a year-over-year basis. Equities analysts forecast that Patterson-UTI Energy will post -0.05 EPS for the current year.
In other news, CFO Charles Andrew Smith sold 75,000 shares of the stock in a transaction on Monday, March 7th. The shares were sold at an average price of $15.95, for a total transaction of $1,196,250.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the stock in a transaction on Tuesday, May 10th. The stock was sold at an average price of $14.37, for a total transaction of $1,437,000.00. Following the sale, the chief executive officer now owns 2,201,374 shares of the company’s stock, valued at $31,633,744.38. The disclosure for this sale can be found here. Insiders have sold 686,380 shares of company stock valued at $10,641,957 in the last ninety days. Insiders own 2.70% of the company’s stock.
Large investors have recently bought and sold shares of the business. CI Investments Inc. acquired a new stake in Patterson-UTI Energy in the first quarter worth $39,000. Rosenberg Matthew Hamilton acquired a new stake in Patterson-UTI Energy in the fourth quarter worth $26,000. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in Patterson-UTI Energy in the fourth quarter worth $26,000. Point72 Hong Kong Ltd grew its holdings in Patterson-UTI Energy by 62.2% in the third quarter. Point72 Hong Kong Ltd now owns 4,118 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 1,579 shares during the period. Finally, Exane Derivatives acquired a new stake in Patterson-UTI Energy in the fourth quarter worth $35,000. Institutional investors and hedge funds own 95.14% of the company’s stock.
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.
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