Royal Bank Of Canada Raises Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $15.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price raised by equities researchers at Royal Bank Of Canada from $14.00 to $15.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s target price indicates a potential upside of 34.71% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group increased their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Wednesday, April 15th. Citigroup increased their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Finally, Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.10.

Patterson-UTI Energy Stock Down 1.5%

Patterson-UTI Energy stock traded down $0.17 during mid-day trading on Friday, hitting $11.14. 2,348,674 shares of the company’s stock were exchanged, compared to its average volume of 10,410,270. 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 $4.23 billion, a P/E ratio of -35.95 and a beta of 0.64. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08. The stock has a 50 day moving average of $11.24 and a two-hundred day moving average of $8.61.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy’s revenue was down 12.7% compared to the same quarter last year. As a group, analysts anticipate that Patterson-UTI Energy will post -0.19 EPS for the current fiscal year.

Insider Transactions at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the completion of the sale, the chief executive officer owned 2,823,103 shares of the company’s stock, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $12.02, for a total transaction of $738,929.50. Following the completion of the sale, the director directly owned 1,128,773 shares of the company’s stock, valued at approximately $13,567,851.46. This represents a 5.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 808,949 shares of company stock valued at $9,387,035. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP boosted its position in shares of Patterson-UTI Energy by 14.9% during the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after purchasing an additional 2,745,872 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Patterson-UTI Energy by 7.9% during the third quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock worth $80,804,000 after purchasing an additional 1,135,704 shares in the last quarter. State Street Corp boosted its position in shares of Patterson-UTI Energy by 0.5% during the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after purchasing an additional 75,560 shares in the last quarter. Sourcerock Group LLC lifted its position in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after acquiring an additional 5,551,276 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

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.