Patterson-UTI Energy (NASDAQ:PTEN) Rating Reiterated by Benchmark

Patterson-UTI Energy (NASDAQ:PTEN)‘s stock had its “hold” rating reiterated by equities research analysts at Benchmark in a research report issued on Monday, Benzinga reports.

Several other equities analysts have also commented on the stock. Bank of America dropped their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Piper Sandler lowered their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research report on Monday. Raymond James lowered their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. Finally, Susquehanna restated a “positive” rating and set a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.67.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $11.00 on Monday. The firm has a market capitalization of $4.44 billion, a P/E ratio of 16.18, a P/E/G ratio of 1.57 and a beta of 2.23. Patterson-UTI Energy has a 52 week low of $9.70 and a 52 week high of $16.17. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The firm’s 50 day moving average is $11.61 and its two-hundred day moving average is $11.42.

Patterson-UTI Energy (NASDAQ:PTEN) last announced 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. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. During the same period in the prior year, the firm posted $0.46 earnings per share. Research analysts forecast that Patterson-UTI Energy will post 0.59 EPS for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The transaction 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 hedge funds and other institutional investors have recently bought and sold shares of PTEN. Blackstone Inc. acquired a new stake in Patterson-UTI Energy in the third quarter valued at $483,016,000. Vanguard Group Inc. raised its stake in shares of Patterson-UTI Energy by 74.9% during the 3rd quarter. Vanguard Group Inc. now owns 43,194,132 shares of the oil and gas company’s stock worth $597,807,000 after buying an additional 18,495,822 shares during the last quarter. Cerberus Capital Management L.P. acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter worth $188,486,000. FMR LLC raised its stake in shares of Patterson-UTI Energy by 21,195.0% during the 3rd quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock worth $161,311,000 after buying an additional 11,600,658 shares during the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Patterson-UTI Energy by 397.2% during the 3rd quarter. Principal Financial Group Inc. now owns 5,882,977 shares of the oil and gas company’s stock worth $81,420,000 after buying an additional 4,699,682 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.