Patterson-UTI Energy (NASDAQ:PTEN) Rating Lowered to “Hold” at Zacks Research

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts also recently commented on PTEN. Royal Bank Of Canada boosted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Barclays raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $10.00 to $15.00 in a research note on Thursday, May 7th. Stifel Nicolaus boosted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Finally, Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price for the company in a research note on Monday, April 20th. Eight analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Hold” and a consensus price target of $12.40.

Patterson-UTI Energy Stock Down 2.9%

PTEN stock opened at $10.35 on Monday. The company has a market cap of $3.93 billion, a PE ratio of -33.39 and a beta of 0.61. The business has a 50-day simple moving average of $11.41 and a 200 day simple moving average of $9.13. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company’s revenue for the quarter was down 12.7% on a year-over-year basis. Sell-side analysts anticipate that Patterson-UTI Energy will post -0.15 EPS for the current fiscal year.

Insider Activity

In other news, Director Cesar Jaime sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the transaction, the director owned 77,462 shares of the company’s stock, valued at $952,007.98. This represents a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,823,103 shares of the company’s stock, valued at $33,453,770.55. This represents a 8.14% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. Corporate insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its stake in shares of Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after buying an additional 2,745,872 shares during the period. American Century Companies Inc. increased its stake in shares of Patterson-UTI Energy by 7.9% in the third quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock valued at $80,804,000 after buying an additional 1,135,704 shares during the period. State Street Corp increased its stake in shares of Patterson-UTI Energy by 0.5% in the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after buying an additional 75,560 shares during the period. Sourcerock Group LLC increased its stake in shares of Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after buying an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Patterson-UTI Energy by 110.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after buying an additional 5,551,276 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.