Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $14.00 at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) had its target price lowered by equities research analysts at Piper Sandler from $17.00 to $14.00 in a report issued on Monday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s target price indicates a potential upside of 27.27% from the stock’s previous close.

Several other analysts also recently commented on the stock. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Susquehanna restated a “positive” rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Benchmark downgraded shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Tuesday, January 16th. Bank of America cut their price objective on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating for the company in a research report on Monday, April 15th. Finally, Royal Bank of Canada cut their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $15.67.

Patterson-UTI Energy Stock Up 0.3 %

PTEN stock opened at $11.00 on Monday. The company has a fifty day moving average price of $11.61 and a 200 day moving average price of $11.42. Patterson-UTI Energy has a 12 month low of $9.70 and a 12 month high of $16.17. The company has a market cap of $4.44 billion, a price-to-earnings ratio of 16.18, a price-to-earnings-growth ratio of 1.57 and a beta of 2.23. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.41 and a quick ratio of 1.24.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. The firm had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the prior year, the firm earned $0.46 EPS. Sell-side analysts expect that Patterson-UTI Energy will post 0.59 earnings per share for the current year.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of large investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC purchased a new position in Patterson-UTI Energy in the 3rd quarter valued at about $128,000. Xponance Inc. lifted its holdings in Patterson-UTI Energy by 74.8% in the 3rd quarter. Xponance Inc. now owns 21,405 shares of the oil and gas company’s stock valued at $296,000 after purchasing an additional 9,160 shares in the last quarter. Raymond James & Associates lifted its holdings in Patterson-UTI Energy by 596.2% in the 3rd quarter. Raymond James & Associates now owns 518,075 shares of the oil and gas company’s stock valued at $7,170,000 after purchasing an additional 443,659 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its holdings in Patterson-UTI Energy by 26.8% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 22,049 shares of the oil and gas company’s stock valued at $305,000 after purchasing an additional 4,666 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Patterson-UTI Energy by 38.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 3,633,635 shares of the oil and gas company’s stock valued at $50,290,000 after purchasing an additional 1,012,802 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.