Patterson-UTI Energy (NASDAQ:PTEN) Given New $16.00 Price Target at Barclays

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective hoisted by Barclays from $15.00 to $16.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Barclays‘s target price would suggest a potential upside of 58.57% from the company’s previous close.

A number of other brokerages have also recently issued reports on PTEN. Citigroup reduced their price objective on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a report on Monday, June 29th. Stifel Nicolaus boosted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. The Goldman Sachs Group upped their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a report on Thursday, June 4th. Piper Sandler raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 target price for the company in a report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target on the stock in a research note on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus price target of $12.95.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $10.09 on Wednesday. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -43.87 and a beta of 0.63. The company has a 50-day simple moving average of $10.25 and a 200 day simple moving average of $9.99. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75.

Insider Activity

In other news, CAO Forrest C. Robinson sold 13,670 shares of the company’s stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the completion of the transaction, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 363,670 shares of company stock worth $4,212,677. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently modified their holdings of PTEN. Dimensional Fund Advisors LP increased its holdings in 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 purchasing an additional 2,745,872 shares during the period. State Street Corp grew its position 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 buying an additional 75,560 shares during the last quarter. Sourcerock Group LLC grew its position 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 buying an additional 7,205,652 shares during the last quarter. 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. Finally, Principal Financial Group Inc. increased its stake in shares of Patterson-UTI Energy by 11.0% in the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock valued at $102,347,000 after buying an additional 934,766 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 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.