Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Expected to Rise, Susquehanna Analyst Says

Patterson-UTI Energy (NASDAQ:PTEN) had its target price upped by investment analysts at Susquehanna from $12.00 to $13.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “positive” rating on the oil and gas company’s stock. Susquehanna’s price target suggests a potential upside of 26.89% from the stock’s previous close.

Several other brokerages also recently issued reports on PTEN. Citigroup lowered their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a report on Monday, June 29th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a research report on Monday, April 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Royal Bank Of Canada lifted 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. Finally, Piper Sandler upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price target on the stock in a report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.85.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded down $0.23 on Monday, reaching $10.24. The company had a trading volume of 1,280,605 shares, compared to its average volume of 10,229,536. The business’s 50-day moving average is $10.33 and its 200 day moving average is $9.94. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $13.08. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $3.89 billion, a PE ratio of -44.80 and a beta of 0.63.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.01). The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.15 billion. Patterson-UTI Energy had a negative net margin of 1.92% and a negative return on equity of 1.68%. The company’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period last year, the firm posted ($0.13) earnings per share. Equities research analysts forecast that Patterson-UTI Energy will post -0.06 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares of the company’s stock, valued at $4,834,868.81. This trade represents a 26.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the transaction, the chief executive officer directly owned 2,542,474 shares in the company, valued at $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 373,670 shares of company stock valued at $4,335,577 in the last quarter. 2.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP increased its position in Patterson-UTI Energy by 14.9% during the 1st 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 purchasing an additional 2,745,872 shares during the period. State Street Corp boosted its stake in shares of Patterson-UTI Energy by 0.5% in the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock valued at $93,270,000 after purchasing an additional 75,560 shares during the last quarter. Sourcerock Group LLC boosted its stake in shares of Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Patterson-UTI Energy by 110.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after buying an additional 5,551,276 shares during the period. Finally, Principal Financial Group Inc. increased its position in shares of Patterson-UTI Energy by 11.0% during the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock worth $102,347,000 after buying an additional 934,766 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

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.