The Goldman Sachs Group Upgrades Patterson-UTI Energy (NASDAQ:PTEN) to Buy

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by research analysts at The Goldman Sachs Group from a “neutral” rating to a “buy” rating in a research report issued on Friday, MarketBeat.com reports. The firm presently has a $10.00 price target on the oil and gas company’s stock, down from their previous price target of $11.00. The Goldman Sachs Group’s target price would indicate a potential upside of 29.53% from the company’s previous close.

Several other research analysts also recently commented on PTEN. Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Susquehanna lowered their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Barclays reduced their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Finally, Raymond James reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 25th. One analyst has rated the stock with a sell rating, two have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and an average price target of $11.71.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $7.72 on Friday. The firm has a 50 day moving average of $8.10 and a 200-day moving average of $8.97. Patterson-UTI Energy has a 12 month low of $7.38 and a 12 month high of $12.65. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $3.01 billion, a PE ratio of -3.53 and a beta of 2.12.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently modified their holdings of the business. Pacer Advisors Inc. acquired a new position in shares of Patterson-UTI Energy in the second quarter worth approximately $152,265,000. Ninepoint Partners LP bought a new position in Patterson-UTI Energy during the 2nd quarter worth approximately $51,800,000. American Century Companies Inc. lifted its position in shares of Patterson-UTI Energy by 62.8% in the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after purchasing an additional 2,191,330 shares during the period. ARGA Investment Management LP boosted its stake in shares of Patterson-UTI Energy by 1,066.6% in the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company’s stock valued at $15,000,000 after purchasing an additional 1,792,655 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Patterson-UTI Energy by 2,744.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after purchasing an additional 1,588,067 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

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.