Patterson-UTI Energy (NASDAQ:PTEN) Earns Hold Rating from Benchmark

Patterson-UTI Energy (NASDAQ:PTEN)‘s stock had its “hold” rating reissued by investment analysts at Benchmark in a note issued to investors on Monday, Benzinga reports.

A number of other analysts have also weighed in on the company. Royal Bank of Canada lowered their target price on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, February 16th. Raymond James decreased their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research note on Friday, February 16th. Piper Sandler cut their target price on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday. Evercore ISI reduced their target price on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Friday. Finally, Susquehanna restated a “positive” rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.67.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $10.68 on Monday. The firm has a market capitalization of $4.31 billion, a PE ratio of 15.71, a PEG ratio of 1.57 and a beta of 2.23. Patterson-UTI Energy has a fifty-two week low of $9.70 and a fifty-two week high of $16.17. The stock’s fifty day moving average is $11.63 and its 200 day moving average is $11.46. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. The business had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. During the same period in the prior year, the firm earned $0.46 EPS. On average, sell-side analysts anticipate that Patterson-UTI Energy will post 0.59 earnings per share for the current year.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction dated Thursday, February 29th. The stock was 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 document filed with the SEC, which is available through the SEC website. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PTEN. Blackstone Inc. acquired a new stake in Patterson-UTI Energy in the 3rd quarter worth about $483,016,000. Vanguard Group Inc. increased its position in shares of Patterson-UTI Energy by 74.9% during the third quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock worth $597,807,000 after purchasing an additional 18,495,822 shares in the last quarter. Cerberus Capital Management L.P. acquired a new position in Patterson-UTI Energy in the 3rd quarter valued at $188,486,000. FMR LLC lifted its holdings in Patterson-UTI Energy by 21,195.0% in the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock valued at $161,311,000 after purchasing an additional 11,600,658 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its stake in Patterson-UTI Energy by 397.2% during the 3rd quarter. Principal Financial Group Inc. now owns 5,882,977 shares of the oil and gas company’s stock worth $81,420,000 after purchasing an additional 4,699,682 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.