Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Consensus Recommendation of “Hold” by Brokerages

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been assigned an average rating of “Hold” from the twelve ratings firms that are presently covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $7.2778.

Several research analysts have weighed in on PTEN shares. Tudor Pickering cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Royal Bank Of Canada increased their target price on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $7.30 on Monday. The company has a market capitalization of $2.77 billion, a PE ratio of -20.28 and a beta of 0.72. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The stock’s 50 day moving average price is $6.29 and its 200-day moving average price is $5.97. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $9.30.

Insider Activity

In other news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the transaction, the director owned 207,000 shares of the company’s stock, valued at $1,215,090. This represents a 64.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Several large investors have recently added to or reduced their stakes in PTEN. Quarry LP grew its stake in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares in the last quarter. Versant Capital Management Inc lifted its stake in Patterson-UTI Energy by 127.3% in the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 3,343 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in Patterson-UTI Energy in the 3rd quarter valued at $37,000. EverSource Wealth Advisors LLC grew its position in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 7,171 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Patterson-UTI Energy by 43.0% in the third quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock worth $47,000 after purchasing an additional 2,717 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.