Patterson-UTI Energy (NASDAQ:PTEN) Given New $13.50 Price Target at UBS Group

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective increased by stock analysts at UBS Group from $13.00 to $13.50 in a report released on Friday, Benzinga reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. UBS Group‘s target price would indicate a potential upside of 1.35% from the company’s current price.

A number of other research analysts also recently weighed in on the company. Zacks Research downgraded Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 27th. Weiss Ratings raised Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Susquehanna raised their price objective on Patterson-UTI Energy from $13.00 to $15.00 and gave the company a “positive” rating in a research note on Friday. Royal Bank Of Canada boosted their price objective on Patterson-UTI Energy from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Friday. Finally, JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research report on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus price target of $13.64.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $13.32 on Friday. Patterson-UTI Energy has a 12 month low of $5.24 and a 12 month high of $13.39. The company has a current ratio of 1.73, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $5.08 billion, a price-to-earnings ratio of -222.00 and a beta of 0.79. The firm has a fifty day simple moving average of $11.89 and a two-hundred day simple moving average of $10.52.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. The company had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.31 billion. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The business’s revenue was up 14.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.10) EPS. Analysts expect that Patterson-UTI Energy will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction on Friday, September 18th. The shares were sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the sale, the chief executive officer owned 2,042,474 shares in the company, valued at approximately $24,325,865.34. This trade represents a 10.91% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Insiders sold 1,027,000 shares of company stock worth $12,698,780 over the last quarter. 2.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Lazard Asset Management LLC boosted its position in Patterson-UTI Energy by 6.2% during the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company’s stock valued at $231,000 after buying an additional 1,255 shares during the period. ProShare Advisors LLC raised its stake in shares of Patterson-UTI Energy by 2.6% during the third quarter. ProShare Advisors LLC now owns 51,413 shares of the oil and gas company’s stock valued at $561,000 after acquiring an additional 1,297 shares during the last quarter. Choreo LLC raised its stake in shares of Patterson-UTI Energy by 2.9% during the third quarter. Choreo LLC now owns 48,047 shares of the oil and gas company’s stock valued at $525,000 after acquiring an additional 1,333 shares during the last quarter. Farther Finance Advisors LLC boosted its holdings in shares of Patterson-UTI Energy by 39.7% during the third quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company’s stock worth $67,000 after purchasing an additional 1,732 shares during the period. Finally, Assetmark Inc. boosted its holdings in shares of Patterson-UTI Energy by 8.1% during the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company’s stock worth $258,000 after purchasing an additional 1,786 shares during the period. Institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.