Patterson-UTI Energy (NASDAQ:PTEN) Rating Lowered to “Hold” at Zacks Research

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

Several other research firms have also issued reports on PTEN. The Goldman Sachs Group lifted their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Citigroup cut their price target on 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. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Nine analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.95.

Patterson-UTI Energy Trading Up 1.4%

PTEN opened at $12.43 on Thursday. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $13.08. The stock has a market cap of $4.74 billion, a PE ratio of -54.04 and a beta of 0.63. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. The business has a 50 day moving average of $10.30 and a 200-day moving average of $10.46.

Insider Buying and Selling

In other news, CAO Forrest C. Robinson sold 13,670 shares of the firm’s stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total transaction of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Carl Stewart sold 207,000 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The SEC filing for this sale provides additional information. Insiders have sold 420,670 shares of company stock valued at $4,880,957 in the last 90 days. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Amundi lifted its holdings in shares of Patterson-UTI Energy by 35.2% during the 2nd quarter. Amundi now owns 150,062 shares of the oil and gas company’s stock valued at $1,378,000 after purchasing an additional 39,107 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Patterson-UTI Energy in the second quarter valued at approximately $1,179,000. California State Teachers Retirement System raised its holdings in shares of Patterson-UTI Energy by 749.6% during the second quarter. California State Teachers Retirement System now owns 3,612,991 shares of the oil and gas company’s stock worth $33,167,000 after purchasing an additional 3,187,710 shares during the last quarter. HB Wealth Management LLC boosted its stake in shares of Patterson-UTI Energy by 42.0% in the second quarter. HB Wealth Management LLC now owns 17,150 shares of the oil and gas company’s stock worth $157,000 after buying an additional 5,076 shares during the last quarter. Finally, AlphaGrep UK Ltd acquired a new stake in Patterson-UTI Energy during the second quarter worth about $563,000. 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.