Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by analysts at Societe Generale from a “buy” rating to a “hold” rating in a report released on Thursday, The Fly reports.
Several other brokerages also recently commented on PTEN. BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday, January 13th. Scotiabank upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Scotia Howard Weill upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Howard Weil upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Finally, Cowen set a $30.00 target price on Patterson-UTI Energy and gave the stock a “hold” rating in a research note on Thursday, January 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eighteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $25.88.
Shares of NASDAQ PTEN opened at $20.62 on Thursday. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $25.03. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $4,482.18, a price-to-earnings ratio of -25.78 and a beta of 1.21.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a negative return on equity of 4.82% and a net margin of 0.25%. The company had revenue of $787.33 million during the quarter, compared to the consensus estimate of $764.84 million. During the same quarter in the prior year, the business earned ($0.53) EPS. The firm’s revenue for the quarter was up 218.9% compared to the same quarter last year. equities analysts forecast that Patterson-UTI Energy will post 0.02 earnings per share for the current fiscal year.
In related news, Director Terry H. Hunt sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, March 13th. The stock was sold at an average price of $19.46, for a total transaction of $194,600.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 4.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in PTEN. Tower Research Capital LLC TRC raised its holdings in shares of Patterson-UTI Energy by 621.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock valued at $194,000 after buying an additional 7,274 shares in the last quarter. Ballentine Partners LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $216,000. WealthTrust Axiom LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $217,000. Schroder Investment Management Group purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $219,000. Finally, Falcon Point Capital LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $222,000. 99.63% of the stock is currently owned by institutional investors.
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Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments: Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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