Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $12.00

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) had its target price dropped by research analysts at Citigroup from $14.00 to $12.00 in a research report issued on Friday, The Fly reports. Citigroup’s target price would indicate a potential upside of 12.57% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. Morgan Stanley decreased their target price on Patterson-UTI Energy from $20.00 to $18.00 in a research report on Tuesday, April 18th. StockNews.com initiated coverage on Patterson-UTI Energy in a research report on Thursday. They set a “buy” rating on the stock. Royal Bank of Canada decreased their price target on Patterson-UTI Energy from $24.00 to $23.00 and set a “sector perform” rating for the company in a report on Friday, February 10th. Benchmark began coverage on Patterson-UTI Energy in a report on Thursday, January 19th. They set a “hold” rating for the company. Finally, Barclays reduced their price objective on Patterson-UTI Energy from $26.00 to $19.00 in a research note on Tuesday, May 9th. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.39.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $10.66 on Friday. Patterson-UTI Energy has a 1-year low of $9.94 and a 1-year high of $20.53. The company has a current ratio of 1.60, a quick ratio of 1.47 and a debt-to-equity ratio of 0.49. The firm has a fifty day simple moving average of $11.44 and a 200 day simple moving average of $14.68. The stock has a market capitalization of $2.22 billion, a PE ratio of 8.20, a P/E/G ratio of 0.17 and a beta of 2.28.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.10. Patterson-UTI Energy had a return on equity of 16.59% and a net margin of 9.66%. The business had revenue of $791.80 million during the quarter, compared to the consensus estimate of $757.41 million. During the same quarter last year, the firm posted ($0.13) EPS. The company’s quarterly revenue was up 55.4% on a year-over-year basis. On average, research analysts expect that Patterson-UTI Energy will post 1.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors have recently modified their holdings of the stock. CWM LLC increased its holdings in Patterson-UTI Energy by 194.6% during the 3rd quarter. CWM LLC now owns 2,224 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 1,469 shares during the period. Ronald Blue Trust Inc. lifted its holdings in shares of Patterson-UTI Energy by 65.3% in the 4th quarter. Ronald Blue Trust Inc. now owns 2,205 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 871 shares during the period. Arcadia Investment Management Corp MI lifted its holdings in shares of Patterson-UTI Energy by 1,000.0% in the 1st quarter. Arcadia Investment Management Corp MI now owns 2,200 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 2,000 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at about $27,000. Finally, Proficio Capital Partners LLC purchased a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $31,000. 96.57% of the stock is owned by institutional investors.

Patterson-UTI Energy Company Profile

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Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.