Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given a $24.00 target price by Cowen and Company in a note issued to investors on Wednesday. The firm presently has a “hold” rating on the oil and gas company’s stock. Cowen and Company’s price objective would suggest a potential upside of 26.78% from the stock’s previous close.

PTEN has been the topic of a number of other reports. Royal Bank Of Canada set a $35.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, June 24th. Citigroup Inc. upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $21.00 to $19.00 in a research note on Wednesday, August 30th. Seaport Global Securities lowered Patterson-UTI Energy from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $29.00 to $21.00 in a research note on Wednesday, June 21st. BMO Capital Markets reiterated a “hold” rating and set a $23.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, July 13th. Finally, BidaskClub lowered Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have assigned a buy rating to the company. Patterson-UTI Energy has a consensus rating of “Buy” and a consensus price target of $26.82.

Patterson-UTI Energy (PTEN) opened at 18.93 on Wednesday. The firm has a 50-day moving average price of $19.39 and a 200-day moving average price of $20.15. The firm’s market capitalization is $4.01 billion. Patterson-UTI Energy has a one year low of $14.83 and a one year high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The firm had revenue of $579.00 million for 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% on a year-over-year basis. During the same period in the previous year, the company posted ($0.58) earnings per share. Analysts expect that Patterson-UTI Energy will post ($0.90) EPS for the current year.

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Large investors have recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Patterson-UTI Energy by 60.9% in the 2nd quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after acquiring an additional 1,205,084 shares in the last quarter. State Street Corp raised its position in shares of Patterson-UTI Energy by 10.1% in the 1st quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after acquiring an additional 418,702 shares in the last quarter. Federated Investors Inc. PA raised its position in shares of Patterson-UTI Energy by 9.9% in the 2nd quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock worth $2,779,000 after acquiring an additional 12,454 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Patterson-UTI Energy by 59.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock worth $66,229,000 after acquiring an additional 1,228,607 shares in the last quarter. Finally, Scout Investments Inc. raised its position in shares of Patterson-UTI Energy by 101.7% in the 2nd quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock worth $21,182,000 after acquiring an additional 529,023 shares in the last quarter. 98.67% of the stock is owned by hedge funds and other institutional investors.

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)

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