Patterson-UTI Energy (NASDAQ:PTEN) Price Target Lowered to $12.00 at Susquehanna

Patterson-UTI Energy (NASDAQ:PTEN) had its target price decreased by stock analysts at Susquehanna from $14.00 to $12.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “positive” rating on the oil and gas company’s stock. Susquehanna’s target price would suggest a potential upside of 31.15% from the company’s previous close.

A number of other research analysts also recently commented on PTEN. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a research note on Monday, April 20th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Finally, The Goldman Sachs Group increased their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $12.15.

Patterson-UTI Energy Trading Up 6.9%

PTEN opened at $9.15 on Wednesday. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The stock’s fifty day moving average is $11.13 and its two-hundred day moving average is $9.48. The company has a market capitalization of $3.47 billion, a P/E ratio of -29.52 and a beta of 0.62. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business’s revenue was down 12.7% compared to the same quarter last year. Analysts forecast that Patterson-UTI Energy will post -0.14 earnings per share for the current year.

Insider Buying and Selling at Patterson-UTI Energy

In other news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the sale, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 1,007,844 shares of company stock valued at $11,922,302. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the stock. Sourcerock Group LLC lifted its position in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after acquiring an additional 7,205,652 shares during the period. Holocene Advisors LP lifted its holdings in shares of Patterson-UTI Energy by 176.6% during the third quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock worth $47,801,000 after purchasing an additional 5,891,956 shares during the period. Goldman Sachs Group Inc. boosted its position in Patterson-UTI Energy by 110.8% in the fourth 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 buying an additional 5,551,276 shares during the last quarter. UBS Group AG increased its holdings in Patterson-UTI Energy by 121.2% in the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock worth $50,839,000 after buying an additional 4,558,445 shares during the period. Finally, Millennium Management LLC raised its position in Patterson-UTI Energy by 97.7% during the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after buying an additional 4,442,700 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.