Patterson-UTI Energy (NASDAQ:PTEN) Raised to Buy at Wall Street Zen

by · The Markets Daily

Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

Other equities research analysts have also issued reports about the stock. UBS Group upped their price objective on shares of Patterson-UTI Energy from $13.00 to $13.50 and gave the company a “neutral” rating in a research note on Friday, October 30th. Citigroup decreased their price objective on shares of Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating for the company in a research report on Friday, October 2nd. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price for the company in a research note on Friday, July 31st. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, October 30th. Finally, Weiss Ratings raised shares of Patterson-UTI Energy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday. Nine analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.09.

View Our Latest Analysis on Patterson-UTI Energy

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $9.92 on Friday. The stock’s 50 day moving average is $11.78 and its 200 day moving average is $10.61. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.73 and a quick ratio of 1.57. The firm has a market cap of $3.76 billion, a P/E ratio of -165.33 and a beta of 0.79. Patterson-UTI Energy has a one year low of $5.24 and a one year high of $13.39.

Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The business had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.31 billion. During the same quarter in the prior year, the firm posted ($0.10) EPS. The company’s revenue for the quarter was up 14.1% compared to the same quarter last year. As a group, research analysts expect that Patterson-UTI Energy will post 0.02 EPS for the current year.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Hendricks, Jr. sold 250,000 shares of the business’s stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $11.91, for a total value of $2,977,500.00. Following the transaction, the chief executive officer directly owned 2,042,474 shares of the company’s stock, valued at approximately $24,325,865.34. The trade was a 10.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James Stewart sold 207,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,027,000 shares of company stock valued at $12,698,780 in the last ninety days. 2.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new position in Patterson-UTI Energy during the second quarter worth $577,234,000. Dimensional Fund Advisors LP lifted its stake in shares of Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after buying an additional 2,745,872 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Patterson-UTI Energy by 11.0% in the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock valued at $102,347,000 after buying an additional 934,766 shares in the last quarter. Webs Creek Capital Management LP acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at about $53,729,934. Finally, Bank of America Corp DE acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at about $52,132,000. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Company Profile

(Get Free Report)

Patterson-UTI Energy provides contract drilling and related services to oil and natural gas exploration and production companies. Its offerings include land-based drilling rigs, directional drilling, pressure pumping and other well-completion services, as well as equipment and technologies used in drilling operations.

The company serves customers across major U.S. oil and gas regions, including the Permian Basin and other active shale areas. Its operations combine services that support wells through multiple stages, from drilling to completion.

Patterson-UTI has expanded its service capabilities through acquisitions, including its 2023 combination with NexTier Oilfield Solutions, which strengthened its pressure-pumping and completion-services business.

See Also