Patterson-UTI Energy Inc. (NASDAQ:PTEN) fell 3.2% during mid-day trading on Monday . The stock traded as low as $19.91 and last traded at $19.94, with a volume of 2,637,962 shares trading hands. The stock had previously closed at $20.59.

Several research firms have recently issued reports on PTEN. KLR Group reaffirmed a “hold” rating and issued a $29.00 price objective on shares of Patterson-UTI Energy in a research note on Friday, July 15th. Citigroup Inc. raised their price objective on Patterson-UTI Energy from $20.00 to $23.00 and gave the company a “neutral” rating in a research note on Wednesday, July 13th. Jefferies Group raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and raised their price objective for the company from $19.00 to $25.00 in a research note on Monday, July 11th. Seaport Global Securities raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Friday, July 8th. Finally, Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, July 5th. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $18.91.

The firm has a 50 day moving average price of $20.83 and a 200-day moving average price of $17.45. The firm’s market capitalization is $2.89 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, April 28th. The company reported ($0.48) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.54) by $0.06. During the same quarter last year, the company earned $0.06 EPS. The business had revenue of $269 million for the quarter, compared to analyst estimates of $261.43 million. The business’s revenue for the quarter was down 59.1% compared to the same quarter last year. Equities analysts expect that Patterson-UTI Energy Inc. will post ($2.34) earnings per share for the current fiscal year.

Other hedge funds and institutional investors have made changes to their positions in the company. Eagle Asset Management raised its position in shares of Patterson-UTI Energy by 153.1% in the third quarter. Eagle Asset Management now owns 2,085,202 shares of the company’s stock valued at $27,398,000 after buying an additional 1,261,335 shares during the period. UBS Oconnor LLC increased its stake in Patterson-UTI Energy by 49.9% in the fourth quarter. UBS Oconnor LLC now owns 1,505,239 shares of the company’s stock valued at $22,699,000 after buying an additional 500,843 shares in the last quarter. Jennison Associates LLC increased its stake in Patterson-UTI Energy by 5.7% in the fourth quarter. Jennison Associates LLC now owns 6,183,144 shares of the company’s stock valued at $93,242,000 after buying an additional 332,021 shares in the last quarter. Schroder Investment Management Group purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at about $4,569,000. Finally, Fiduciary Management Associates LLC increased its stake in Patterson-UTI Energy by 33.8% in the fourth quarter. Fiduciary Management Associates LLC now owns 1,019,675 shares of the company’s stock valued at $15,377,000 after buying an additional 257,445 shares in the last quarter.

Patterson-UTI Energy, Inc owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Company provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.

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