Patterson-UTI Energy (NASDAQ:PTEN) Rating Lowered to Sell at

Patterson-UTI Energy (NASDAQ:PTENGet Rating) was downgraded by from a “hold” rating to a “sell” rating in a report released on Saturday.

PTEN has been the subject of a number of other reports. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 target price for the company in a report on Thursday. Benchmark assumed coverage on shares of Patterson-UTI Energy in a research note on Monday, April 18th. They issued a “buy” rating and a $21.00 price objective for the company. Morgan Stanley upped their target price on shares of Patterson-UTI Energy from $13.50 to $18.00 and gave the company an “overweight” rating in a research report on Monday, April 11th. Piper Sandler lifted their price target on Patterson-UTI Energy from $20.00 to $21.00 in a research report on Wednesday, May 4th. Finally, Citigroup raised their price objective on Patterson-UTI Energy from $11.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, February 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $16.61.

NASDAQ PTEN opened at $19.81 on Friday. Patterson-UTI Energy has a 12 month low of $6.44 and a 12 month high of $19.97. The company has a current ratio of 1.35, a quick ratio of 1.23 and a debt-to-equity ratio of 0.54. The stock has a market cap of $4.28 billion, a PE ratio of -7.08 and a beta of 2.38. The stock’s 50 day moving average is $16.35 and its 200 day moving average is $12.56.

Patterson-UTI Energy (NASDAQ:PTENGet Rating) last released its earnings results on Wednesday, April 27th. The oil and gas company reported ($0.13) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.08. The firm had revenue of $509.80 million for the quarter, compared to the consensus estimate of $512.08 million. Patterson-UTI Energy had a negative net margin of 35.49% and a negative return on equity of 17.74%. The company’s quarterly revenue was up 111.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.57) earnings per share. On average, analysts forecast that Patterson-UTI Energy will post -0.05 EPS for the current fiscal year.

In other news, EVP Kenneth N. Berns sold 75,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $17.89, for a total transaction of $1,341,750.00. Following the completion of the sale, the executive vice president now owns 761,732 shares of the company’s stock, valued at $13,627,385.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Seth David Wexler sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, March 10th. The shares were sold at an average price of $15.95, for a total value of $957,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 761,380 shares of company stock valued at $11,983,707. 2.70% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the business. Rosenberg Matthew Hamilton bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth $26,000. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $26,000. Exane Derivatives bought a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $35,000. Point72 Hong Kong Ltd increased its holdings in Patterson-UTI Energy by 62.2% during the third quarter. Point72 Hong Kong Ltd now owns 4,118 shares of the oil and gas company’s stock valued at $37,000 after buying an additional 1,579 shares during the period. Finally, CI Investments Inc. bought a new position in Patterson-UTI Energy in the first quarter worth approximately $39,000. Institutional investors and hedge funds own 95.14% of the company’s stock.

Patterson-UTI Energy Company Profile (Get Rating)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

Further Reading

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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