Patterson-UTI Energy, Inc. (PTEN) Given Buy Rating at SunTrust Banks, Inc.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN)‘s stock had its “buy” rating reaffirmed by investment analysts at SunTrust Banks, Inc. in a note issued to investors on Tuesday. They currently have a $25.00 price objective on the oil and gas company’s stock, down from their previous price objective of $33.00. SunTrust Banks, Inc.’s price target would indicate a potential upside of 20.42% from the stock’s previous close.
PTEN has been the subject of several other research reports. UBS AG restated a “buy” rating and set a $25.00 price target (down previously from $35.00) on shares of Patterson-UTI Energy in a research report on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, September 5th. BidaskClub raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Evercore ISI reiterated an “outperform” rating and issued a $35.00 target price on shares of Patterson-UTI Energy in a research note on Tuesday, June 6th. Finally, J P Morgan Chase & Co upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 target price on the stock in a research note on Tuesday, September 5th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $26.86.
Shares of Patterson-UTI Energy (PTEN) traded down 0.34% during midday trading on Tuesday, hitting $20.76. The stock had a trading volume of 5,570,167 shares. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $29.76. The company’s market cap is $4.39 billion. The stock’s 50-day moving average price is $17.59 and its 200 day moving average price is $20.45.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.09. The firm had revenue of $579.00 million during the quarter, compared to analyst estimates of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The business’s revenue was up 198.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.58) EPS. On average, equities analysts forecast that Patterson-UTI Energy will post ($0.90) earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in the business. Frontier Investment Mgmt Co. purchased a new position in Patterson-UTI Energy in the 2nd quarter worth approximately $4,416,000. Benefit Street Partners LLC increased its holdings in shares of Patterson-UTI Energy by 30.1% in the 2nd quarter. Benefit Street Partners LLC now owns 255,528 shares of the oil and gas company’s stock worth $5,159,000 after buying an additional 59,053 shares during the last quarter. Lord Abbett & CO. LLC increased its holdings in shares of Patterson-UTI Energy by 6.2% in the 2nd quarter. Lord Abbett & CO. LLC now owns 1,217,216 shares of the oil and gas company’s stock worth $24,576,000 after buying an additional 70,913 shares during the last quarter. Ashburton Jersey Ltd raised its position in shares of Patterson-UTI Energy by 43.4% during the 2nd quarter. Ashburton Jersey Ltd now owns 87,540 shares of the oil and gas company’s stock valued at $1,767,000 after buying an additional 26,500 shares in the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Patterson-UTI Energy by 15.0% during the 2nd quarter. California State Teachers Retirement System now owns 383,913 shares of the oil and gas company’s stock valued at $7,751,000 after buying an additional 50,038 shares in the last quarter. 98.56% of the stock is owned by institutional investors and hedge funds.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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