Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) – Investment analysts at Zacks Research decreased their Q3 2023 EPS estimates for Patterson-UTI Energy in a research note issued to investors on Tuesday, October 31st. Zacks Research analyst N. Choudhury now expects that the oil and gas company will post earnings per share of $0.24 for the quarter, down from their previous estimate of $0.29. The consensus estimate for Patterson-UTI Energy’s current full-year earnings is $1.48 per share. Zacks Research also issued estimates for Patterson-UTI Energy’s Q4 2023 earnings at $0.31 EPS, FY2023 earnings at $1.46 EPS and Q1 2024 earnings at $0.34 EPS.
Several other research firms have also issued reports on PTEN. Bank of America upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lifted their target price for the company from $14.00 to $16.00 in a report on Monday, October 16th. Citigroup upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lifted their target price for the company from $15.00 to $18.00 in a report on Monday, October 9th. Susquehanna reiterated a “positive” rating and set a $18.00 target price on shares of Patterson-UTI Energy in a report on Wednesday, September 6th. Royal Bank of Canada restated an “outperform” rating and issued a $19.00 price objective on shares of Patterson-UTI Energy in a report on Wednesday, September 6th. Finally, Morgan Stanley lowered shares of Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $20.00 to $17.00 in a report on Tuesday, October 17th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $17.90.
Patterson-UTI Energy Price Performance
PTEN stock opened at $12.80 on Thursday. The firm has a 50 day moving average price of $14.00 and a 200-day moving average price of $13.03. Patterson-UTI Energy has a 52-week low of $9.70 and a 52-week high of $19.81. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 8.00, a PEG ratio of 0.16 and a beta of 2.41. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.61 and a current ratio of 1.76.
Institutional Investors Weigh In On Patterson-UTI Energy
Institutional investors have recently bought and sold shares of the company. Citigroup Inc. grew its position in shares of Patterson-UTI Energy by 2.2% in the first quarter. Citigroup Inc. now owns 212,072 shares of the oil and gas company’s stock valued at $3,283,000 after purchasing an additional 4,464 shares during the period. AlphaCrest Capital Management LLC acquired a new stake in shares of Patterson-UTI Energy in the first quarter valued at about $187,000. Natixis Advisors L.P. acquired a new stake in shares of Patterson-UTI Energy in the first quarter valued at about $460,000. MetLife Investment Management LLC grew its position in shares of Patterson-UTI Energy by 15.7% in the first quarter. MetLife Investment Management LLC now owns 223,039 shares of the oil and gas company’s stock valued at $3,453,000 after purchasing an additional 30,250 shares during the period. Finally, Rhumbline Advisers boosted its position in Patterson-UTI Energy by 1.5% during the first quarter. Rhumbline Advisers now owns 601,506 shares of the oil and gas company’s stock worth $9,311,000 after acquiring an additional 9,136 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Patterson-UTI Energy
In other news, insider James Michael Holcomb sold 11,816 shares of the business’s stock in a transaction on Wednesday, September 13th. The shares were sold at an average price of $15.95, for a total transaction of $188,465.20. Following the completion of the sale, the insider now owns 376,109 shares of the company’s stock, valued at approximately $5,998,938.55. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Patterson-UTI Energy news, insider James Michael Holcomb sold 11,816 shares of the stock in a transaction dated Wednesday, September 13th. The shares were sold at an average price of $15.95, for a total transaction of $188,465.20. Following the completion of the transaction, the insider now owns 376,109 shares of the company’s stock, valued at approximately $5,998,938.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Seth David Wexler sold 37,500 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were sold at an average price of $15.98, for a total transaction of $599,250.00. Following the sale, the senior vice president now owns 340,418 shares in the company, valued at $5,439,879.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 131,816 shares of company stock worth $2,091,465. Insiders own 2.40% of the company’s stock.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc, through its subsidiaries, provides 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.
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