Patterson-UTI Energy, Inc. (NASDAQ:PTEN) had its price objective cut by equities researchers at Credit Suisse Group from $22.00 to $20.00 in a report released on Friday. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. Credit Suisse Group’s price target suggests a potential upside of 2.41% from the company’s current price.

PTEN has been the subject of several other research reports. Zacks Investment Research downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Thursday, July 27th. Societe Generale started coverage on shares of Patterson-UTI Energy in a research note on Thursday, August 31st. They issued a “buy” rating and a $22.00 price target for the company. Royal Bank Of Canada restated a “buy” rating and issued a $29.00 price target on shares of Patterson-UTI Energy in a research note on Thursday, July 20th. Jefferies Group LLC set a $26.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Saturday, July 29th. Finally, Seaport Global Securities restated a “neutral” rating on shares of Patterson-UTI Energy in a research note on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $27.23.

Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 19.53 on Friday. The stock’s market cap is $4.13 billion. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76. The firm’s 50-day moving average price is $17.07 and its 200-day moving average price is $20.81.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The business had revenue of $579.00 million during the quarter, compared to the consensus estimate of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The company’s quarterly revenue was up 198.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.58) earnings per share. On average, analysts forecast that Patterson-UTI Energy will post ($0.91) EPS for the current fiscal year.

TRADEMARK VIOLATION WARNING: This piece was reported by Watch List News and is the sole property of of Watch List News. If you are accessing this piece on another domain, it was stolen and reposted in violation of US and international copyright and trademark law. The original version of this piece can be accessed at https://www.watchlistnews.com/patterson-uti-energy-inc-pten-price-target-cut-to-20-00/1583935.html.

A number of hedge funds and other institutional investors have recently bought and sold shares of PTEN. Riverhead Capital Management LLC increased its stake in Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 4,653 shares during the period. PNC Financial Services Group Inc. increased its stake in Patterson-UTI Energy by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after purchasing an additional 1,089 shares during the period. Madden Advisory Services Inc. acquired a new position in Patterson-UTI Energy in the second quarter valued at $236,000. Gluskin Sheff & Assoc Inc. increased its stake in Patterson-UTI Energy by 7.1% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after purchasing an additional 780 shares during the period. Finally, Pacad Investment Ltd. acquired a new position in Patterson-UTI Energy in the second quarter valued at $246,000. Institutional investors own 98.44% of the company’s stock.

Patterson-UTI Energy Company Profile

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.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

Receive News & Ratings for Patterson-UTI Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.