Patterson-UTI Energy (NASDAQ:PTEN) received a $30.00 price target from analysts at Cowen in a note issued to investors on Thursday. The brokerage presently has a “hold” rating on the oil and gas company’s stock. Cowen’s price target indicates a potential upside of 21.46% from the stock’s previous close.
Several other research firms also recently weighed in on PTEN. Stephens assumed coverage on Patterson-UTI Energy in a research report on Tuesday. They set an “overweight” rating and a $29.00 target price on the stock. Jefferies Group set a $30.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, January 4th. SunTrust Banks boosted their target price on Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. TheStreet raised Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research report on Monday, December 4th. Finally, Deutsche Bank assumed coverage on Patterson-UTI Energy in a research report on Tuesday, October 10th. They set a “buy” rating and a $25.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $27.40.
Patterson-UTI Energy (NASDAQ:PTEN) opened at $24.70 on Thursday. The firm has a market capitalization of $5,300.00, a P/E ratio of -15.94 and a beta of 1.08. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The firm had revenue of $684.99 million for the quarter, compared to the consensus estimate of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The company’s revenue for the quarter was up 232.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.58) EPS. analysts forecast that Patterson-UTI Energy will post -0.8 earnings per share for the current year.
In related news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.60% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Riverhead Capital Management LLC boosted its holdings in Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after acquiring an additional 4,653 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Patterson-UTI Energy by 11.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after buying an additional 1,089 shares during the period. Madden Advisory Services Inc. purchased a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth $236,000. Gluskin Sheff & Assoc Inc. lifted its holdings in shares of Patterson-UTI Energy by 7.1% in the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after buying an additional 780 shares during the period. Finally, Timber Hill LLC purchased a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth $256,000. Institutional investors own 97.71% of the company’s stock.
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Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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