Credit Suisse Group Lowers Patterson-UTI Energy, Inc. (PTEN) Price Target to $20.00
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) had its price objective reduced by equities researchers at Credit Suisse Group from $22.00 to $20.00 in a research report issued on Friday. The firm currently has a “neutral” rating on the oil and gas company’s stock. Credit Suisse Group’s price target would suggest a potential upside of 2.62% from the company’s current price.
Other equities research analysts have also recently issued research reports about the company. Jefferies Group LLC set a $32.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Tuesday, June 6th. Royal Bank Of Canada set a $35.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Saturday, June 24th. Piper Jaffray Companies set a $22.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Thursday, July 27th. UBS AG reaffirmed a “buy” rating and issued a $25.00 price target (down previously from $35.00) on shares of Patterson-UTI Energy in a report on Monday, July 31st. They noted that the move was a valuation call. Finally, Citigroup Inc. raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price target for the company from $21.00 to $19.00 in a report on Wednesday, August 30th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus price target of $27.23.
Patterson-UTI Energy (PTEN) opened at 19.36 on Friday. The stock’s market cap is $4.10 billion. Patterson-UTI Energy has a one year low of $14.83 and a one year high of $29.76. The stock has a 50 day moving average price of $17.07 and a 200-day moving average price of $20.81.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The firm had revenue of $579.00 million during the quarter, compared to analysts’ expectations of $556.47 million. During the same quarter last year, the firm earned ($0.58) earnings per share. The business’s revenue for the quarter was up 198.5% on a year-over-year basis. Equities research analysts expect that Patterson-UTI Energy will post ($0.91) earnings per share for the current fiscal year.
ILLEGAL ACTIVITY WARNING: This news story was reported by Daily Political and is the sole property of of Daily Political. If you are viewing this news story on another site, it was illegally copied and reposted in violation of U.S. and international trademark and copyright legislation. The correct version of this news story can be accessed at https://www.dailypolitical.com/2017/09/22/credit-suisse-group-lowers-patterson-uti-energy-inc-pten-price-target-to-20-00.html.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Riverhead Capital Management LLC lifted its holdings in Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after buying an additional 4,653 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in Patterson-UTI Energy by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after buying an additional 1,089 shares during the last quarter. Madden Advisory Services Inc. purchased a new stake in Patterson-UTI Energy during the 2nd quarter worth about $236,000. Gluskin Sheff & Assoc Inc. lifted its holdings in Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after buying an additional 780 shares during the last quarter. Finally, Pacad Investment Ltd. purchased a new stake in Patterson-UTI Energy during the 2nd quarter worth about $246,000. 98.44% of the stock is owned by institutional investors.
About Patterson-UTI Energy
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.
Receive News & Ratings for Patterson-UTI Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy Inc. and related companies with MarketBeat.com's FREE daily email newsletter.