Citigroup Has Lowered Expectations for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its target price lowered by Citigroup from $13.50 to $12.50 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s price objective would indicate a potential upside of 11.56% from the company’s previous close.

Several other equities analysts have also commented on the stock. Piper Sandler restated an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Barclays boosted their target price on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. UBS Group initiated coverage on Patterson-UTI Energy in a research report on Friday. They set a “neutral” rating and a $13.00 price target on the stock. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price objective for the company in a report on Friday, July 31st. Finally, Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.14.

Patterson-UTI Energy Stock Down 0.8%

NASDAQ:PTEN traded down $0.10 during mid-day trading on Friday, reaching $11.21. The stock had a trading volume of 3,210,523 shares, compared to its average volume of 9,739,849. The stock’s 50 day simple moving average is $11.44 and its two-hundred day simple moving average is $11.02. Patterson-UTI Energy has a 1-year low of $5.24 and a 1-year high of $13.39. The company has a market capitalization of $4.27 billion, a price-to-earnings ratio of -48.76 and a beta of 0.77. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Drummond Jr. sold 198,395 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the sale, the director directly owned 928,773 shares in the company, valued at approximately $11,934,733.05. This trade represents a 17.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the sale, the executive vice president owned 404,582 shares of the company’s stock, valued at approximately $5,158,420.50. This represents a 22.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,027,000 shares of company stock valued at $12,698,780. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Patterson-UTI Energy during the second quarter worth approximately $32,000. Rockefeller Capital Management L.P. increased its holdings in Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 4,299 shares during the last quarter. Nykredit A S acquired a new position in shares of Patterson-UTI Energy during the 2nd quarter worth about $56,000. Global Retirement Partners LLC raised its stake in Patterson-UTI Energy by 4,765.4% during the 4th quarter. Global Retirement Partners LLC now owns 10,120 shares of the oil and gas company’s stock worth $62,000 after buying an additional 9,912 shares during the period. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Patterson-UTI Energy by 268,475.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 10,743 shares of the oil and gas company’s stock valued at $66,000 after buying an additional 10,739 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy services company that provides drilling and well-completion solutions to oil and natural gas exploration and production companies. Its operations support the development of unconventional and conventional wells, primarily in North America.

The company’s drilling services include contract land drilling, directional drilling, and related technologies designed to improve well placement, efficiency, and performance. Patterson-UTI also provides completion services, including pressure pumping, wireline, and other well-completion and production-support services.

Through its drilling products business, Patterson-UTI manufactures and distributes drilling equipment and downhole tools, including drill bits, drilling motors, and related products.