Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $9.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price hoisted by investment analysts at The Goldman Sachs Group from $7.00 to $9.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 1.35% from the stock’s current price.

A number of other research firms also recently weighed in on PTEN. Stifel Nicolaus increased their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Piper Sandler upped their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Citigroup raised their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy has a consensus rating of “Hold” and an average price target of $8.11.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock traded up $0.05 during trading hours on Wednesday, hitting $8.88. 2,889,106 shares of the company’s stock traded hands, compared to its average volume of 10,980,752. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of -35.52 and a beta of 0.71. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $9.02. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46. The company has a fifty day simple moving average of $7.47 and a 200-day simple moving average of $6.40.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the firm earned ($0.13) EPS. The firm’s quarterly revenue was down 1.0% on a year-over-year basis. Equities research analysts anticipate that Patterson-UTI Energy will post -0.1 EPS for the current fiscal year.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the transaction, the director owned 207,000 shares in the company, valued at $1,215,090. This trade represents a 64.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of PTEN. Caitong International Asset Management Co. Ltd lifted its stake in Patterson-UTI Energy by 268,475.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 10,743 shares of the oil and gas company’s stock worth $66,000 after purchasing an additional 10,739 shares during the last quarter. Alpine Global Management LLC bought a new stake in Patterson-UTI Energy in the 4th quarter worth approximately $188,000. Corient Private Wealth LLC lifted its position in Patterson-UTI Energy by 45.7% in the 4th quarter. Corient Private Wealth LLC now owns 48,457 shares of the oil and gas company’s stock worth $296,000 after buying an additional 15,205 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its position in Patterson-UTI Energy by 223.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 59,666 shares of the oil and gas company’s stock valued at $365,000 after acquiring an additional 41,208 shares during the last quarter. Finally, Yaupon Capital Management LP bought a new position in Patterson-UTI Energy during the fourth quarter valued at approximately $9,885,000. 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.