Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $14.00 by Analysts at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective cut by equities researchers at Piper Sandler from $17.00 to $14.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s price target points to a potential upside of 31.09% from the stock’s current price.

PTEN has been the subject of a number of other reports. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Raymond James cut their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 16th. Susquehanna reiterated a “positive” rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Benchmark cut shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. Finally, Bank of America decreased their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research report on Monday, April 15th. One research analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $15.67.

Patterson-UTI Energy Price Performance

PTEN opened at $10.68 on Monday. The stock’s 50-day moving average price is $11.63 and its 200 day moving average price is $11.46. Patterson-UTI Energy has a 12-month low of $9.70 and a 12-month high of $16.17. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of 15.71, a PEG ratio of 1.57 and a beta of 2.23. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. The business had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the prior year, the company earned $0.46 earnings per share. As a group, sell-side analysts expect that Patterson-UTI Energy will post 0.59 earnings per share for the current year.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the transaction, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Large investors have recently bought and sold shares of the business. Capital Advisors Ltd. LLC purchased a new stake in shares of Patterson-UTI Energy during the third quarter worth approximately $25,000. Fortitude Family Office LLC lifted its stake in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,594 shares during the period. Lindbrook Capital LLC lifted its stake in shares of Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,332 shares during the period. Neo Ivy Capital Management purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at about $40,000. Finally, Parkside Financial Bank & Trust increased its stake in shares of Patterson-UTI Energy by 635.8% during the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after acquiring an additional 2,594 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.