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

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective cut by Susquehanna from $8.00 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “positive” rating on the oil and gas company’s stock. Susquehanna’s price objective suggests a potential upside of 20.07% from the company’s previous close.

Several other research analysts also recently weighed in on PTEN. JPMorgan Chase & Co. lowered their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 28th. Stifel Nicolaus decreased their price target on Patterson-UTI Energy from $12.00 to $10.00 and set a “buy” rating for the company in a report on Friday, July 25th. Royal Bank Of Canada dropped their price objective on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an “outperform” rating on the stock in a research note on Friday, July 25th. Morgan Stanley reduced their target price on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research note on Friday, May 16th. Finally, Barclays lowered their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an “overweight” rating on the stock in a report on Tuesday, July 29th. Four equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $7.90.

Patterson-UTI Energy Trading Up 5.6%

Shares of Patterson-UTI Energy stock opened at $5.83 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The company has a market capitalization of $2.25 billion, a P/E ratio of -2.11 and a beta of 1.35. Patterson-UTI Energy has a 1 year low of $5.12 and a 1 year high of $9.57. The company’s fifty day moving average is $5.86 and its two-hundred day moving average is $6.40.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.02). The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.24 billion. Patterson-UTI Energy had a negative return on equity of 1.94% and a negative net margin of 21.49%.Patterson-UTI Energy’s quarterly revenue was down 9.6% on a year-over-year basis. During the same quarter last year, the company posted $0.03 EPS. Analysts forecast that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its holdings in shares of Patterson-UTI Energy by 693.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,949,853 shares of the oil and gas company’s stock worth $16,105,000 after acquiring an additional 1,704,087 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Patterson-UTI Energy by 156.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 15,407 shares of the oil and gas company’s stock worth $127,000 after purchasing an additional 9,394 shares in the last quarter. Northern Trust Corp raised its stake in Patterson-UTI Energy by 4.1% in the 4th quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company’s stock valued at $35,426,000 after purchasing an additional 170,417 shares during the last quarter. Lido Advisors LLC purchased a new position in Patterson-UTI Energy in the 4th quarter valued at about $110,000. Finally, Comerica Bank boosted its stake in shares of Patterson-UTI Energy by 21.0% during the 4th quarter. Comerica Bank now owns 383,281 shares of the oil and gas company’s stock worth $3,166,000 after purchasing an additional 66,433 shares during the last quarter. Hedge funds and other institutional investors 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.