Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Monday, Analyst Price Targets reports. The brokerage currently has a $9.00 price objective on the oil and gas company’s stock, up from their prior price objective of $7.00. Barclays‘s price target points to a potential upside of 19.05% from the stock’s current price.
Other equities analysts have also issued reports about the company. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $7.00 price target for the company in a report on Wednesday, January 6th. Morgan Stanley raised their price target on Patterson-UTI Energy from $5.50 to $7.50 and gave the stock an “equal weight” rating in a report on Wednesday, March 31st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $5.33.
Shares of NASDAQ PTEN opened at $7.56 on Monday. The stock has a fifty day simple moving average of $7.11 and a two-hundred day simple moving average of $5.87. Patterson-UTI Energy has a 1-year low of $2.38 and a 1-year high of $9.74. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -1.83 and a beta of 3.20. The company has a current ratio of 2.02, a quick ratio of 1.89 and a debt-to-equity ratio of 0.46.
Several hedge funds have recently modified their holdings of the stock. Envestnet Asset Management Inc. raised its position in shares of Patterson-UTI Energy by 18.5% in the first quarter. Envestnet Asset Management Inc. now owns 38,907 shares of the oil and gas company’s stock worth $277,000 after buying an additional 6,062 shares in the last quarter. Virginia Retirement Systems ET AL raised its position in shares of Patterson-UTI Energy by 5.2% in the first quarter. Virginia Retirement Systems ET AL now owns 123,600 shares of the oil and gas company’s stock worth $881,000 after buying an additional 6,100 shares in the last quarter. KBC Group NV raised its position in Patterson-UTI Energy by 24.3% during the first quarter. KBC Group NV now owns 100,399 shares of the oil and gas company’s stock valued at $716,000 after purchasing an additional 19,615 shares in the last quarter. Norges Bank purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at about $12,842,000. Finally, UBS Asset Management Americas Inc. raised its position in Patterson-UTI Energy by 0.9% during the fourth quarter. UBS Asset Management Americas Inc. now owns 251,421 shares of the oil and gas company’s stock valued at $1,322,000 after purchasing an additional 2,221 shares in the last quarter. Institutional investors own 94.50% of the company’s stock.
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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, and West Virginia.
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