Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Expected to Rise, Susquehanna Analyst Says

Patterson-UTI Energy (NASDAQ:PTEN) had its target price boosted by equities researchers at Susquehanna from $13.00 to $14.00 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 indicates a potential upside of 20.43% from the stock’s current price.

PTEN has been the subject of a number of other research reports. The Goldman Sachs Group lifted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Stifel Nicolaus raised their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Citigroup lifted their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a research report on Monday, April 20th. Finally, Morgan Stanley raised their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.90.

Patterson-UTI Energy Trading Down 4.1%

Shares of NASDAQ:PTEN traded down $0.50 during trading on Wednesday, reaching $11.63. The company’s stock had a trading volume of 1,394,597 shares, compared to its average volume of 10,458,683. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $13.08. The firm’s 50 day simple moving average is $11.20 and its two-hundred day simple moving average is $8.54. The stock has a market capitalization of $4.41 billion, a PE ratio of -37.50 and a beta of 0.64.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. The firm’s revenue was down 12.7% compared to the same quarter last year. On average, research analysts predict that Patterson-UTI Energy will post -0.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $12.02, for a total value of $738,929.50. Following the sale, the director owned 1,128,773 shares in the company, valued at $13,567,851.46. This trade represents a 5.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the sale, the chief executive officer directly owned 2,823,103 shares of the company’s stock, valued at $33,453,770.55. This represents a 8.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 808,949 shares of company stock worth $9,387,035 over the last quarter. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds have recently added to or reduced their stakes in PTEN. Quarry LP increased its position in shares of 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 worth $26,000 after acquiring an additional 3,862 shares during the period. First Horizon Corp boosted its holdings in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares during the period. Aster Capital Management DIFC Ltd bought a new position in Patterson-UTI Energy in the third quarter worth approximately $37,000. Rockefeller Capital Management L.P. grew its stake in Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 4,299 shares in the last quarter. Finally, Torren Management LLC purchased a new position in Patterson-UTI Energy during the 4th quarter worth $44,000. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Company Profile

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.