Piper Sandler Issues Positive Forecast for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective raised by Piper Sandler from $14.00 to $15.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler‘s target price would indicate a potential upside of 27.27% from the stock’s previous close.

A number of other brokerages also recently weighed in on PTEN. Citigroup lowered their price target on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a report on Friday, October 2nd. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective for the company in a research report on Friday, July 31st. Royal Bank Of Canada lifted their target price on Patterson-UTI Energy from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Friday. Susquehanna upped their target price on Patterson-UTI Energy from $13.00 to $15.00 and gave the company a “positive” rating in a report on Friday. Finally, UBS Group upped their target price on Patterson-UTI Energy from $13.00 to $13.50 and gave the company a “neutral” rating in a report on Friday. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.09.

Patterson-UTI Energy Trading Down 11.5%

NASDAQ:PTEN opened at $11.79 on Tuesday. The stock has a fifty day simple moving average of $11.88 and a 200 day simple moving average of $10.54. The firm has a market capitalization of $4.50 billion, a price-to-earnings ratio of -196.43 and a beta of 0.77. Patterson-UTI Energy has a 1-year low of $5.24 and a 1-year high of $13.39. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the previous year, the company earned ($0.10) EPS. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. Sell-side analysts forecast that Patterson-UTI Energy will post 0.01 earnings per share for the current year.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Stewart sold 207,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Seth Wexler sold 120,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president directly owned 404,582 shares of the company’s stock, valued at approximately $5,158,420.50. This trade represents a 22.88% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,027,000 shares of company stock valued at $12,698,780. Corporate insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Lazard Asset Management LLC grew its stake in shares of Patterson-UTI Energy by 6.2% during the first quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after purchasing an additional 1,255 shares during the last quarter. ProShare Advisors LLC boosted its holdings in Patterson-UTI Energy by 2.6% during the third quarter. ProShare Advisors LLC now owns 51,413 shares of the oil and gas company’s stock worth $561,000 after buying an additional 1,297 shares during the last quarter. Choreo LLC increased its stake in Patterson-UTI Energy by 2.9% in the third quarter. Choreo LLC now owns 48,047 shares of the oil and gas company’s stock valued at $525,000 after purchasing an additional 1,333 shares in the last quarter. Farther Finance Advisors LLC raised its stake in Patterson-UTI Energy by 39.7% during the 3rd quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company’s stock worth $67,000 after buying an additional 1,732 shares during the period. Finally, Assetmark Inc. raised its position in shares of Patterson-UTI Energy by 8.1% during the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock worth $258,000 after purchasing an additional 1,786 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.