Patterson-UTI Energy (PTEN) Now Covered by Analysts at Stephens

Stephens started coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a note issued to investors on Tuesday, January 9th, MarketBeat reports. The brokerage set an “overweight” rating and a $29.00 price target on the oil and gas company’s stock. Stephens’ price objective would suggest a potential upside of 19.49% from the company’s current price.

Several other equities analysts have also recently commented on PTEN. Cowen reaffirmed a “hold” rating and set a $24.00 price target on shares of Patterson-UTI Energy in a research report on Sunday, September 17th. Credit Suisse Group dropped their price objective on shares of Patterson-UTI Energy from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, September 22nd. SunTrust Banks reiterated a “buy” rating and set a $25.00 price objective (down previously from $33.00) on shares of Patterson-UTI Energy in a research note on Tuesday, October 3rd. Citigroup set a $24.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Thursday, October 5th. Finally, Jefferies Group set a $26.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. Seven investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $27.40.

Patterson-UTI Energy (NASDAQ PTEN) opened at $24.27 on Tuesday. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. The firm has a market cap of $5,400.00, a PE ratio of -15.66 and a beta of 1.08. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.04. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The company had revenue of $684.99 million during the quarter, compared to analysts’ expectations of $688.05 million. During the same period in the prior year, the company posted ($0.58) EPS. The firm’s revenue for the quarter was up 232.3% on a year-over-year basis. equities research analysts predict that Patterson-UTI Energy will post -0.8 earnings per share for the current year.

In related news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.60% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA boosted its stake in Patterson-UTI Energy by 14.1% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock worth $5,474,000 after purchasing an additional 32,293 shares during the period. 361 Capital LLC lifted its position in Patterson-UTI Energy by 9.2% in the 3rd quarter. 361 Capital LLC now owns 82,388 shares of the oil and gas company’s stock worth $1,725,000 after buying an additional 6,914 shares in the last quarter. Swiss National Bank lifted its position in Patterson-UTI Energy by 32.1% in the 2nd quarter. Swiss National Bank now owns 357,200 shares of the oil and gas company’s stock worth $7,212,000 after buying an additional 86,800 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Patterson-UTI Energy by 26.7% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 771,726 shares of the oil and gas company’s stock worth $16,160,000 after buying an additional 162,677 shares in the last quarter. Finally, HAP Trading LLC purchased a new stake in Patterson-UTI Energy in the 2nd quarter worth approximately $619,000. 97.71% of the stock is owned by hedge funds and other institutional investors.

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Patterson-UTI Energy Company Profile

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.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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