StockNews.com Lowers Patterson-UTI Energy (NASDAQ:PTEN) to Sell

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

Several other research analysts have also recently weighed in on the company. Piper Sandler decreased their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating for the company in a research note on Monday, May 6th. Evercore ISI cut their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Susquehanna reaffirmed a “positive” rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a report on Monday, April 8th. Benchmark reaffirmed a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Finally, Bank of America cut their price objective on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.82.

Patterson-UTI Energy Stock Up 0.7 %

PTEN stock opened at $10.13 on Tuesday. Patterson-UTI Energy has a 1-year low of $9.68 and a 1-year high of $16.17. The business has a fifty day moving average price of $10.60 and a 200-day moving average price of $11.01. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.48 and a quick ratio of 1.28. The stock has a market capitalization of $4.07 billion, a P/E ratio of 14.90 and a beta of 2.19.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the business earned $0.46 earnings per share. Equities analysts forecast that Patterson-UTI Energy will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.55, for a total value of $1,732,500.00. Following the completion of the transaction, the director now owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTEN. BNP Paribas Financial Markets boosted its position in Patterson-UTI Energy by 92.1% during the 4th quarter. BNP Paribas Financial Markets now owns 908,254 shares of the oil and gas company’s stock valued at $9,809,000 after acquiring an additional 435,490 shares in the last quarter. Pingora Partners LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $245,000. Raymond James & Associates raised its stake in shares of Patterson-UTI Energy by 22.2% during the 4th quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock valued at $6,836,000 after buying an additional 114,868 shares during the last quarter. Walleye Trading LLC purchased a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at about $2,830,000. Finally, Edmond DE Rothschild Holding S.A. grew its position in shares of Patterson-UTI Energy by 37.8% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 1,350,000 shares of the oil and gas company’s stock valued at $14,580,000 after acquiring an additional 370,000 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.