Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by stock analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Friday.
A number of other brokerages have also issued reports on PTEN. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Zacks Investment Research lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, February 20th. Citigroup raised their target price on shares of Patterson-UTI Energy from $24.00 to $25.00 and gave the stock a “buy” rating in a research report on Monday, April 30th. BMO Capital Markets set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a research report on Friday, February 9th. Finally, Societe Generale lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $22.00 target price on the stock. in a research report on Thursday, April 19th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Patterson-UTI Energy presently has an average rating of “Buy” and an average target price of $25.94.
Shares of Patterson-UTI Energy opened at $23.01 on Friday, according to MarketBeat.com. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.61 and a current ratio of 1.73. The company has a market cap of $5.24 billion, a PE ratio of -28.76 and a beta of 1.20. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $25.03.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.07). The business had revenue of $809.16 million for the quarter, compared to analysts’ expectations of $793.39 million. Patterson-UTI Energy had a negative return on equity of 3.54% and a net margin of 1.22%. The business’s revenue was up 165.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.40) earnings per share. analysts anticipate that Patterson-UTI Energy will post -0.09 earnings per share for the current year.
In related news, Director Terry H. Hunt sold 10,000 shares of the stock in a transaction on 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 filing with the Securities & Exchange Commission, which is available through this link. 3.70% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC lifted its holdings in Patterson-UTI Energy by 601.6% in the fourth quarter. Millennium Management LLC now owns 4,059,127 shares of the oil and gas company’s stock valued at $93,401,000 after acquiring an additional 3,480,569 shares during the period. Castleark Management LLC lifted its holdings in Patterson-UTI Energy by 40.2% in the fourth quarter. Castleark Management LLC now owns 586,795 shares of the oil and gas company’s stock valued at $13,502,000 after acquiring an additional 168,165 shares during the period. New Mexico Educational Retirement Board acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at $1,215,000. Allianz Asset Management GmbH acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at $11,319,000. Finally, Retirement Systems of Alabama lifted its holdings in Patterson-UTI Energy by 13.4% in the fourth quarter. Retirement Systems of Alabama now owns 765,948 shares of the oil and gas company’s stock valued at $17,624,000 after acquiring an additional 90,749 shares during the period. 99.58% of the stock is owned by hedge funds and other institutional investors.
About Patterson-UTI Energy
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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