Patterson-UTI Energy (NASDAQ:PTEN) Given New $9.00 Price Target at The Goldman Sachs Group

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective boosted by equities researchers at The Goldman Sachs Group from $7.00 to $9.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 1.35% from the company’s current price.

Several other analysts also recently commented on PTEN. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Royal Bank Of Canada upped their price objective on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Piper Sandler raised their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Hold” and an average target price of $8.11.

Patterson-UTI Energy Trading Up 0.6%

Shares of PTEN stock traded up $0.05 during mid-day trading on Wednesday, hitting $8.88. The company’s stock had a trading volume of 2,889,106 shares, compared to its average volume of 10,980,752. The company has a market cap of $3.37 billion, a PE ratio of -35.52 and a beta of 0.71. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64. The company’s fifty day simple moving average is $7.47 and its 200-day simple moving average is $6.40. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $9.02.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The firm’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.13) EPS. As a group, equities research analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the transaction, the director owned 207,000 shares of the company’s stock, valued at $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently bought and sold shares of PTEN. Royal Bank of Canada grew its stake in shares of Patterson-UTI Energy by 23.7% in the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after acquiring an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Patterson-UTI Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after purchasing an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Patterson-UTI Energy by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after purchasing an additional 220,422 shares in the last quarter. United Services Automobile Association bought a new stake in Patterson-UTI Energy in the 1st quarter worth about $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Patterson-UTI Energy by 3.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after buying an additional 30,217 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.