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Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) was upgraded by equities researchers at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.
Several other research firms have also recently weighed in on PTEN. Susquehanna Bancshares upped their price objective on Patterson-UTI Energy from $20.00 to $23.00 and gave the stock a “positive” rating in a research report on Wednesday, June 8th. Bank of America cut Patterson-UTI Energy from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $22.00 to $13.50 in a research report on Friday, July 15th. Barclays increased their price target on Patterson-UTI Energy from $16.00 to $20.00 in a research report on Monday, May 2nd. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 price target for the company in a research report on Thursday, May 26th. Finally, Piper Sandler cut Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and increased their price target for the company from $21.00 to $22.75 in a research report on Tuesday, May 31st. They noted that the move was a valuation call. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Hold” and an average target price of $19.43.
Patterson-UTI Energy Trading Up 4.7 %
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Shares of Patterson-UTI Energy stock traded up $0.74 during trading hours on Friday, hitting $16.55. The company’s stock had a trading volume of 2,994,626 shares, compared to its average volume of 3,844,749. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.23. The company has a market capitalization of $3.58 billion, a PE ratio of -5.91 and a beta of 2.35. The stock has a 50 day moving average of $16.02 and a 200 day moving average of $14.83. Patterson-UTI Energy has a 12 month low of $6.44 and a 12 month high of $20.53.
Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last posted its quarterly earnings data on Wednesday, April 27th. The oil and gas company reported ($0.13) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.08. The company had revenue of $509.80 million during the quarter, compared to analysts’ expectations of $512.08 million. Patterson-UTI Energy had a negative return on equity of 17.74% and a negative net margin of 35.49%. Patterson-UTI Energy’s revenue for the quarter was up 111.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.57) earnings per share. Analysts predict that Patterson-UTI Energy will post 0.13 earnings per share for the current year.
Insider Buying and Selling at Patterson-UTI Energy
In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $18.07, for a total value of $3,614,000.00. Following the sale, the chief executive officer now owns 1,901,374 shares in the company, valued at $34,357,828.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Seth David Wexler sold 60,000 shares of the stock in a transaction that occurred on Wednesday, May 4th. The stock was sold at an average price of $17.00, for a total transaction of $1,020,000.00. Following the transaction, the senior vice president now owns 323,417 shares in the company, valued at $5,498,089. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $18.07, for a total value of $3,614,000.00. Following the transaction, the chief executive officer now owns 1,901,374 shares in the company, valued at approximately $34,357,828.18. The disclosure for this sale can be found here. Insiders have sold 543,333 shares of company stock worth $8,934,161 over the last 90 days. Company insiders own 2.70% of the company’s stock.
Hedge Funds Weigh In On Patterson-UTI Energy
A number of large investors have recently made changes to their positions in PTEN. New York State Teachers Retirement System increased its stake in shares of Patterson-UTI Energy by 2.0% during the fourth quarter. New York State Teachers Retirement System now owns 304,317 shares of the oil and gas company’s stock worth $2,571,000 after purchasing an additional 5,900 shares during the period. Janney Montgomery Scott LLC bought a new position in Patterson-UTI Energy during the 4th quarter worth $89,000. Exane Derivatives bought a new position in Patterson-UTI Energy during the 4th quarter worth $35,000. Allspring Global Investments Holdings LLC bought a new position in Patterson-UTI Energy during the 4th quarter worth $55,647,000. Finally, Yousif Capital Management LLC bought a new position in Patterson-UTI Energy during the 4th quarter worth $1,760,000. Institutional investors own 95.14% of the company’s stock.
Patterson-UTI Energy Company Profile
(Get Rating)
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.
Further Reading
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