Patterson-UTI Energy (NASDAQ:PTEN) Given New $12.00 Price Target at Susquehanna

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective dropped by stock analysts at Susquehanna from $14.00 to $12.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “positive” rating on the oil and gas company’s stock. Susquehanna’s price target indicates a potential upside of 31.15% from the stock’s previous close.

Several other analysts have also recently commented on PTEN. Morgan Stanley boosted their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Piper Sandler boosted their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 27th. Finally, Citigroup dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research note on Monday, June 29th. Eight equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $12.15.

Patterson-UTI Energy Trading Up 6.9%

Shares of Patterson-UTI Energy stock opened at $9.15 on Wednesday. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $13.08. The firm has a market capitalization of $3.47 billion, a PE ratio of -29.52 and a beta of 0.62. The firm’s 50-day moving average price is $11.13 and its 200 day moving average price is $9.48.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy’s revenue for the quarter was down 12.7% on a year-over-year basis. On average, sell-side analysts predict that Patterson-UTI Energy will post -0.14 EPS for the current fiscal year.

Insider Activity

In related news, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the sale, the chief executive officer owned 2,823,103 shares of the company’s stock, valued at approximately $33,453,770.55. The trade was a 8.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,007,844 shares of company stock worth $11,922,302. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sourcerock Group LLC grew its holdings in shares of Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after purchasing an additional 7,205,652 shares during the period. Holocene Advisors LP raised its holdings in Patterson-UTI Energy by 176.6% in the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock valued at $47,801,000 after buying an additional 5,891,956 shares during the period. Goldman Sachs Group Inc. raised its holdings in Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after buying an additional 5,551,276 shares during the period. UBS Group AG raised its holdings in Patterson-UTI Energy by 121.2% in the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock valued at $50,839,000 after buying an additional 4,558,445 shares during the period. Finally, Millennium Management LLC lifted its position in Patterson-UTI Energy by 97.7% in the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock valued at $46,565,000 after buying an additional 4,442,700 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.