Patterson-UTI Energy, Inc. (NASDAQ:PTEN)‘s stock had its “neutral” rating restated by research analysts at Piper Jaffray Companies in a research note issued on Wednesday, July 12th. They currently have a $20.50 price objective on the oil and gas company’s stock, down from their prior price objective of $22.00. Piper Jaffray Companies’ price objective would indicate a potential upside of 15.23% from the company’s current price.
Other research analysts have also recently issued reports about the stock. Instinet raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $26.00 to $31.00 in a research note on Wednesday, April 5th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $32.00 target price (down from $35.00) on shares of Patterson-UTI Energy in a research note on Wednesday, May 3rd. Royal Bank Of Canada set a $35.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Saturday, June 24th. Seaport Global Securities cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $29.00 to $21.00 in a research note on Wednesday, June 21st. Finally, Nomura raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 5th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $26.84.
Shares of Patterson-UTI Energy (PTEN) traded down 2.89% on Wednesday, hitting $17.79. The stock had a trading volume of 3,880,367 shares. The stock’s market cap is $2.93 billion. The company’s 50 day moving average is $19.93 and its 200 day moving average is $23.35. Patterson-UTI Energy has a one year low of $17.71 and a one year high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 11.28%. The business had revenue of $579 million during the quarter, compared to analysts’ expectations of $556.47 million. During the same period last year, the company posted ($0.58) EPS. The company’s revenue was up 198.5% on a year-over-year basis. Equities research analysts predict that Patterson-UTI Energy will post ($0.91) EPS for the current fiscal year.
Large investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. increased its stake in Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after buying an additional 683 shares during the period. Tudor Investment Corp Et Al bought a new stake in Patterson-UTI Energy during the fourth quarter valued at $242,000. World Asset Management Inc increased its stake in Patterson-UTI Energy by 2.5% in the second quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 295 shares during the last quarter. LS Investment Advisors LLC increased its stake in Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock valued at $262,000 after buying an additional 754 shares during the last quarter. Finally, First Mercantile Trust Co. bought a new stake in Patterson-UTI Energy during the first quarter valued at $263,000. 85.78% of the stock is currently owned by hedge funds and other institutional investors.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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