Royal Bank Of Canada Boosts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $9.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price hoisted by research analysts at Royal Bank Of Canada from $8.00 to $9.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s price target points to a potential upside of 5.19% from the stock’s previous close.

Other analysts also recently issued reports about the stock. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Stifel Nicolaus lifted their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday. Barclays reaffirmed an “equal weight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Monday, October 13th. Finally, Tudor Pickering lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average target price of $7.50.

Patterson-UTI Energy Trading Up 4.7%

Shares of NASDAQ PTEN traded up $0.39 during trading on Friday, reaching $8.56. The company had a trading volume of 4,556,332 shares, compared to its average volume of 11,634,617. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The company’s fifty day moving average price is $6.65 and its 200-day moving average price is $6.06. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $9.30. The stock has a market cap of $3.24 billion, a P/E ratio of -34.26 and a beta of 0.76.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.49% and a negative net margin of 1.94%.The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the company earned ($0.13) earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. As a group, research analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the sale, the director owned 207,000 shares in the company, valued at approximately $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its holdings in shares of Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after buying an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Patterson-UTI Energy by 4.6% in the 1st 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 period. Goldman Sachs Group Inc. raised its position in Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after acquiring an additional 220,422 shares during the period. United Services Automobile Association purchased a new position in shares of Patterson-UTI Energy in the first quarter valued at approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Patterson-UTI Energy by 3.6% during the first 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 worth $7,106,000 after buying an additional 30,217 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

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.