Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) had its target price hoisted by investment analysts at Citigroup from $17.00 to $21.00 in a research report issued to clients and investors on Wednesday, The Fly reports. Citigroup’s price objective points to a potential upside of 61.54% from the stock’s previous close.
Other equities analysts also recently issued research reports about the stock. Susquehanna Bancshares lifted their target price on shares of Patterson-UTI Energy from $20.00 to $23.00 and gave the stock a “positive” rating in a research note on Wednesday, June 8th. Piper Sandler downgraded shares of Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and lifted their target price 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. Benchmark assumed coverage on shares of Patterson-UTI Energy in a research note on Monday, April 18th. They issued a “buy” rating and a $21.00 target price for the company. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 target price for the company in a research note on Thursday, May 26th. Finally, StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, May 28th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.13.
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PTEN opened at $13.00 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.23. The company’s 50-day moving average is $16.72 and its 200 day moving average is $14.29. Patterson-UTI Energy has a fifty-two week low of $6.44 and a fifty-two week high of $20.53. The firm has a market capitalization of $2.81 billion, a P/E ratio of -4.64 and a beta of 2.35.
Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last announced its quarterly earnings data 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 business had revenue of $509.80 million for the quarter, compared to analyst estimates 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 company’s revenue for the quarter was up 111.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.57) earnings per share. On average, equities research analysts expect that Patterson-UTI Energy will post 0.05 earnings per share for the current year.
In other Patterson-UTI Energy news, CFO Charles Andrew Smith sold 37,119 shares of the business’s stock in a transaction that occurred on Tuesday, April 12th. The shares were sold at an average price of $16.95, for a total value of $629,167.05. Following the completion of the transaction, the chief financial officer now owns 287,366 shares of the company’s stock, valued at approximately $4,870,853.70. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 2,201,374 shares of the company’s stock, valued at approximately $31,633,744.38. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 497,665 shares of company stock valued at $8,491,482. 2.70% of the stock is owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in PTEN. JPMorgan Chase & Co. lifted its holdings in shares of Patterson-UTI Energy by 504.1% in the 4th quarter. JPMorgan Chase & Co. now owns 8,090,604 shares of the oil and gas company’s stock worth $68,366,000 after acquiring an additional 6,751,253 shares during the last quarter. Allspring Global Investments Holdings LLC bought a new stake in Patterson-UTI Energy during the 4th quarter valued at $55,647,000. Ascribe Capital LLC bought a new stake in Patterson-UTI Energy during the 4th quarter valued at $31,814,000. Jennison Associates LLC raised its holdings in Patterson-UTI Energy by 501.0% during the 1st quarter. Jennison Associates LLC now owns 2,776,669 shares of the oil and gas company’s stock valued at $42,983,000 after buying an additional 2,314,628 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in Patterson-UTI Energy by 9.2% during the 1st quarter. Vanguard Group Inc. now owns 23,989,159 shares of the oil and gas company’s stock valued at $371,352,000 after buying an additional 2,013,253 shares during the last quarter. Hedge funds and other institutional investors own 95.14% of the company’s stock.
About Patterson-UTI Energy (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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