Patterson-UTI Energy (NASDAQ:PTEN) Rating Increased to Overweight at Barclays


Share on StockTwits

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.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, April 29th. The oil and gas company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.01). Patterson-UTI Energy had a negative net margin of 56.10% and a negative return on equity of 16.24%. The firm had revenue of $241.00 million for the quarter, compared to the consensus estimate of $240.99 million. During the same period last year, the company posted ($0.45) earnings per share. Patterson-UTI Energy’s revenue for the quarter was down 46.0% on a year-over-year basis. Analysts forecast that Patterson-UTI Energy will post -2.28 EPS for the current year.

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.

Recommended Story: Retained Earnings

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.