Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $9.00 at Royal Bank Of Canada

Patterson-UTI Energy (NASDAQ:PTEN) had its target price raised by Royal Bank Of Canada from $8.00 to $9.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 5.19% from the company’s current price.

Other equities analysts have also recently issued reports about the stock. Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Stifel Nicolaus boosted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday. JPMorgan Chase & Co. restated an “underweight” rating and issued a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Finally, Tudor Pickering cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $7.50.

Patterson-UTI Energy Stock Up 4.7%

NASDAQ:PTEN traded up $0.39 during trading hours on Friday, hitting $8.56. The company’s stock had a trading volume of 4,556,332 shares, compared to its average volume of 11,634,617. The stock has a market capitalization of $3.24 billion, a P/E ratio of -34.26 and a beta of 0.76. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $9.30. The company has a current ratio of 1.64, a quick ratio of 1.44 and a debt-to-equity ratio of 0.38. The stock has a fifty day moving average of $6.65 and a 200-day moving average of $6.06.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.09. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.49%. The company’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.13) EPS. On average, equities analysts forecast that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the sale, the director directly owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. This trade represents a 64.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds have recently modified their holdings of the stock. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $1,161,000. GSA Capital Partners LLP lifted its position in Patterson-UTI Energy by 148.2% during the fourth quarter. GSA Capital Partners LLP now owns 173,169 shares of the oil and gas company’s stock valued at $1,058,000 after buying an additional 103,405 shares in the last quarter. Profund Advisors LLC lifted its position in Patterson-UTI Energy by 28.0% during the fourth quarter. Profund Advisors LLC now owns 108,896 shares of the oil and gas company’s stock valued at $665,000 after buying an additional 23,798 shares in the last quarter. Tejara Capital Ltd lifted its position in Patterson-UTI Energy by 60.5% during the fourth quarter. Tejara Capital Ltd now owns 890,493 shares of the oil and gas company’s stock valued at $5,441,000 after buying an additional 335,500 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in Patterson-UTI Energy by 120.6% during the fourth quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 127,500 shares of the oil and gas company’s stock worth $779,000 after buying an additional 69,700 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.