Patterson-UTI Energy (NASDAQ:PTEN) Stock Rating Upgraded by StockNews.com

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

A number of other research analysts also recently issued reports on PTEN. Evercore ISI dropped their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a research note on Friday, May 3rd. Piper Sandler decreased their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Bank of America decreased their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research report on Monday, July 15th. Benchmark reaffirmed a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Finally, Susquehanna decreased their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating for the company in a research report on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus target price of $14.77.

Patterson-UTI Energy Trading Down 0.1 %

Shares of NASDAQ:PTEN traded down $0.01 during midday trading on Friday, reaching $10.43. The company’s stock had a trading volume of 10,483,108 shares, compared to its average volume of 6,932,466. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 15.34 and a beta of 2.19. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.28 and a current ratio of 1.48. The firm has a 50 day moving average price of $10.36 and a two-hundred day moving average price of $10.93. Patterson-UTI Energy has a fifty-two week low of $9.51 and a fifty-two week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The company had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. During the same period in the previous year, the business earned $0.46 EPS. As a group, analysts forecast that Patterson-UTI Energy will post 0.48 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the company’s stock in a transaction that occurred on 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 directly 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. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently modified their holdings of the business. CWM LLC grew its holdings in shares of Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after acquiring an additional 893 shares in the last quarter. InTrack Investment Management Inc lifted its stake in Patterson-UTI Energy by 3.2% in the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after purchasing an additional 1,037 shares during the last quarter. Commerce Bank lifted its stake in Patterson-UTI Energy by 4.7% in the fourth quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock valued at $284,000 after purchasing an additional 1,186 shares during the last quarter. Hexagon Capital Partners LLC lifted its stake in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,307 shares during the last quarter. Finally, Lindbrook Capital LLC lifted its stake in Patterson-UTI Energy by 66.5% in the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 1,332 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

About Patterson-UTI Energy

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.