Patterson-UTI Energy (NASDAQ:PTEN) Stock Rating Upgraded by Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a $13.00 price objective on the oil and gas company’s stock. Piper Sandler’s target price points to a potential upside of 34.30% from the stock’s current price.

Several other research firms have also issued reports on PTEN. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Stifel Nicolaus boosted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Barclays raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $10.00 to $15.00 in a report on Thursday, May 7th. Finally, Morgan Stanley upped their price objective on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $12.15.

Patterson-UTI Energy Stock Up 3.1%

Shares of PTEN opened at $9.68 on Tuesday. The company has a market capitalization of $3.67 billion, a P/E ratio of -31.22 and a beta of 0.62. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $13.08. The business’s 50 day simple moving average is $10.93 and its 200-day simple moving average is $9.59. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.Patterson-UTI Energy’s revenue was down 12.7% on a year-over-year basis. As a group, sell-side analysts predict that Patterson-UTI Energy will post -0.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Cesar Jaime sold 10,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the director owned 77,462 shares of the company’s stock, valued at $952,007.98. This trade represents a 11.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $12.02, for a total value of $738,929.50. Following the transaction, the director owned 1,128,773 shares of the company’s stock, valued at $13,567,851.46. This trade represents a 5.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,007,844 shares of company stock worth $11,922,302 in the last 90 days. Insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors and hedge funds have recently made changes to their positions in PTEN. Lazard Asset Management LLC lifted its position in Patterson-UTI Energy by 6.2% during the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock worth $231,000 after acquiring an additional 1,255 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Patterson-UTI Energy by 11.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after purchasing an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd grew its position in shares of Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 1,547 shares during the last quarter. Sage Rhino Capital LLC increased its stake in shares of Patterson-UTI Energy by 6.6% in the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after purchasing an additional 1,575 shares during the period. Finally, Assetmark Inc. lifted its position in shares of Patterson-UTI Energy by 8.1% during the 1st quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock worth $258,000 after purchasing an additional 1,786 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.