Stifel Nicolaus Issues Pessimistic Forecast for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its target price cut by research analysts at Stifel Nicolaus from $13.00 to $12.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas company’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 99.00% from the company’s current price.

A number of other analysts have also weighed in on the stock. Citigroup reissued a “neutral” rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Barclays reduced their target price on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a “positive” rating on the stock in a report on Wednesday, June 4th. JPMorgan Chase & Co. decreased their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 28th. Finally, Piper Sandler started coverage on shares of Patterson-UTI Energy in a research report on Tuesday. They issued a “neutral” rating and a $7.00 price objective for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Hold” and a consensus price target of $8.77.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $6.03 on Wednesday. The business’s fifty day simple moving average is $6.07 and its two-hundred day simple moving average is $7.12. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36. Patterson-UTI Energy has a 12 month low of $5.12 and a 12 month high of $11.11. The company has a market cap of $2.33 billion, a price-to-earnings ratio of -2.32 and a beta of 1.32.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.04. The firm had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. Patterson-UTI Energy’s revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.15 EPS. Research analysts anticipate that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 5,500 shares of Patterson-UTI Energy stock in a transaction on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the transaction, the director owned 999,754 shares in the company, valued at approximately $5,978,528.92. The trade was a 0.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Patterson-UTI Energy by 89.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock worth $140,046,000 after acquiring an additional 7,989,877 shares during the period. Norges Bank purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth approximately $52,817,000. Nuveen LLC purchased a new position in Patterson-UTI Energy during the first quarter valued at approximately $22,563,000. ARGA Investment Management LP lifted its stake in Patterson-UTI Energy by 25.2% in the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company’s stock valued at $105,089,000 after acquiring an additional 2,569,713 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in Patterson-UTI Energy by 21.6% in the first quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company’s stock valued at $96,317,000 after acquiring an additional 2,080,960 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

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.