Citigroup Issues Pessimistic Forecast for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its target price cut by equities researchers at Citigroup from $11.00 to $10.50 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price suggests a potential upside of 10.68% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Piper Sandler boosted their target price on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 27th. Morgan Stanley raised their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Royal Bank Of Canada lifted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Susquehanna boosted their price target on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a “positive” rating in a research report on Wednesday, May 27th. Finally, KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Hold” and an average target price of $12.35.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock traded down $0.10 during midday trading on Monday, reaching $9.49. The company’s stock had a trading volume of 1,196,807 shares, compared to its average volume of 10,304,538. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The stock has a market cap of $3.60 billion, a PE ratio of -30.58 and a beta of 0.61. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $13.08. The business has a 50-day moving average price of $11.35 and a 200-day moving average price of $9.35.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s revenue was down 12.7% on a year-over-year basis. On average, sell-side analysts predict that Patterson-UTI Energy will post -0.14 EPS for the current year.

Insider Activity

In related news, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the sale, the director directly owned 77,462 shares of the company’s stock, valued at approximately $952,007.98. The trade was a 11.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the business. Quarry LP increased its stake in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares during the period. First Horizon Corp grew its stake in shares of Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,049 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Patterson-UTI Energy in the 3rd quarter worth about $37,000. Rockefeller Capital Management L.P. raised its position in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 4,299 shares during the last quarter. Finally, Torren Management LLC acquired a new stake in shares of Patterson-UTI Energy in the fourth quarter worth approximately $44,000. Institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.