Patterson-UTI Energy (NASDAQ:PTEN) Upgraded at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by stock analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research note issued on Tuesday,Benzinga reports. The firm currently has a $13.00 price target on the oil and gas company’s stock. Piper Sandler’s price target suggests a potential upside of 34.30% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on the company. KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. The Goldman Sachs Group upped their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Royal Bank Of Canada increased their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating on the stock in a research note on Wednesday, July 8th. Finally, Citigroup lowered their target price on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research note on Monday, June 29th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Hold” and a consensus price target of $12.15.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $9.68 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The firm’s 50-day simple moving average is $10.93 and its 200-day simple moving average is $9.59. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $13.08. The firm has a market cap of $3.67 billion, a P/E ratio of -31.22 and a beta of 0.62.

Patterson-UTI Energy (NASDAQ:PTEN) last posted 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. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The business’s revenue was down 12.7% on a year-over-year basis. As a group, research analysts expect that Patterson-UTI Energy will post -0.12 EPS for the current fiscal year.

Insider Transactions at Patterson-UTI Energy

In other news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the sale, the chief accounting officer directly owned 56,842 shares in the company, valued at $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the transaction, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. This represents a 26.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 1,007,844 shares of company stock worth $11,922,302. 2.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC grew its holdings in shares of Patterson-UTI Energy by 141.3% during the fourth quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock worth $1,123,000 after purchasing an additional 107,638 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in Patterson-UTI Energy in the third quarter valued at $2,206,000. Holocene Advisors LP increased its stake in Patterson-UTI Energy by 176.6% in the third quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock valued at $47,801,000 after acquiring an additional 5,891,956 shares during the last quarter. Prescott Group Capital Management L.L.C. purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at about $1,161,000. Finally, Principal Financial Group Inc. raised its position in Patterson-UTI Energy by 92.6% during the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock valued at $52,030,000 after purchasing an additional 4,093,636 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.