Patterson-UTI Energy (NASDAQ:PTEN) Stock Gets Price Target Reduction from Citigroup

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective lowered by equities researchers at Citigroup from $12.50 to $11.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas company’s stock. Citigroup‘s price objective points to a potential upside of 8.86% from the company’s previous close.

Several other equities analysts have also recently commented on PTEN. Weiss Ratings raised shares of Patterson-UTI Energy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, November 4th. Morgan Stanley increased their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company an “equal weight” rating in a research note on Monday, November 2nd. Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $15.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday, October 30th. Finally, Barclays upped their price target on Patterson-UTI Energy from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Friday, October 30th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $13.95.

Patterson-UTI Energy Trading Up 2.5%

NASDAQ PTEN traded up $0.24 during trading hours on Tuesday, reaching $10.11. The company had a trading volume of 4,402,286 shares, compared to its average volume of 9,435,031. The stock has a 50-day moving average of $11.72 and a 200 day moving average of $10.62. Patterson-UTI Energy has a 1-year low of $5.24 and a 1-year 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 $3.83 billion, a P/E ratio of -168.60 and a beta of 0.79.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.04 by $0.03. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates 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 for the quarter was up 14.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.10) EPS. As a group, research analysts anticipate that Patterson-UTI Energy will post 0.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the business’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the transaction, the director owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the transaction, the chief executive officer owned 2,042,474 shares in the company, valued at approximately $24,325,865.34. The trade was a 10.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 1,027,000 shares of company stock worth $12,698,780 in the last ninety days. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of large investors have recently modified their holdings of the stock. Engineers Gate Manager LP lifted its stake in shares of Patterson-UTI Energy by 1,002.2% in the 2nd quarter. Engineers Gate Manager LP now owns 461,819 shares of the oil and gas company’s stock valued at $4,239,000 after purchasing an additional 419,919 shares during the last quarter. Convergence Investment Partners LLC acquired a new stake in shares of Patterson-UTI Energy in the first quarter worth $1,325,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Patterson-UTI Energy in the second quarter worth $2,675,000. Quantinno Capital Management LP grew its stake in Patterson-UTI Energy by 163.5% in the 1st quarter. Quantinno Capital Management LP now owns 503,916 shares of the oil and gas company’s stock valued at $5,457,000 after buying an additional 312,680 shares during the last quarter. Finally, Hsbc Holdings PLC raised its holdings in Patterson-UTI Energy by 90.2% in the 2nd quarter. Hsbc Holdings PLC now owns 172,117 shares of the oil and gas company’s stock worth $1,588,000 after acquiring an additional 81,640 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides contract drilling and related services to oil and natural gas exploration and production companies. Its offerings include land-based drilling rigs, directional drilling, pressure pumping and other well-completion services, as well as equipment and technologies used in drilling operations. The company serves customers across major U.S. oil and gas regions, including the Permian Basin and other active shale areas. Its operations combine services that support wells through multiple stages, from drilling to completion.