Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $14.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective cut by analysts at Bank of America from $14.50 to $14.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. Bank of America‘s target price indicates a potential upside of 20.17% from the stock’s previous close.

A number of other brokerages have also recently weighed in on PTEN. Raymond James reduced their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. Evercore ISI reduced their target price on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a report on Tuesday, February 20th. Susquehanna reaffirmed a “positive” rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a research note on Monday, April 8th. The Goldman Sachs Group started coverage on shares of Patterson-UTI Energy in a research note on Tuesday, December 19th. They issued a “neutral” rating and a $12.00 price objective for the company. Finally, Benchmark lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus price target of $16.17.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded down $0.03 on Monday, hitting $11.65. The company had a trading volume of 460,475 shares, compared to its average volume of 6,532,483. The business has a 50-day simple moving average of $11.60 and a 200-day simple moving average of $11.69. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24. The company has a market cap of $4.70 billion, a PE ratio of 11.61, a PEG ratio of 1.19 and a beta of 2.22. Patterson-UTI Energy has a 52 week low of $9.70 and a 52 week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.01. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. Research analysts expect that Patterson-UTI Energy will post 0.64 EPS for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the transaction, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the company. Capital Advisors Ltd. LLC acquired a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth about $25,000. Fortitude Family Office LLC boosted its stake in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,594 shares during the last quarter. Quarry LP boosted its stake in shares of Patterson-UTI Energy by 157.2% in the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 1,714 shares during the last quarter. CWM LLC boosted its stake in shares of Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 791 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

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.