Patterson-UTI Energy (PTEN) Stock Rating Lowered by BidaskClub
Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Friday.
Several other equities research analysts also recently issued reports on the company. Zacks Investment Research downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, February 20th. Guggenheim set a $25.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, February 15th. BMO Capital Markets upgraded Patterson-UTI Energy from a “market perform” rating to a “buy” rating in a report on Wednesday, February 14th. Seaport Global Securities reiterated a “hold” rating and issued a $24.00 price target on shares of Patterson-UTI Energy in a report on Monday, February 12th. Finally, Deutsche Bank lowered their price target on Patterson-UTI Energy from $26.00 to $25.00 and set a “buy” rating for the company in a report on Friday, February 9th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty have given a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $26.21.
Shares of Patterson-UTI Energy (NASDAQ PTEN) opened at $18.80 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15. Patterson-UTI Energy has a twelve month low of $14.83 and a twelve month high of $28.42.
In related news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.60% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of PTEN. State Treasurer State of Michigan grew its stake in Patterson-UTI Energy by 17.6% during the 3rd quarter. State Treasurer State of Michigan now owns 80,200 shares of the oil and gas company’s stock worth $1,679,000 after buying an additional 12,000 shares during the last quarter. Nationwide Fund Advisors grew its stake in Patterson-UTI Energy by 31.8% during the 3rd quarter. Nationwide Fund Advisors now owns 412,883 shares of the oil and gas company’s stock worth $8,646,000 after buying an additional 99,714 shares during the last quarter. Aperio Group LLC grew its stake in Patterson-UTI Energy by 23.8% during the 3rd quarter. Aperio Group LLC now owns 122,280 shares of the oil and gas company’s stock worth $2,561,000 after buying an additional 23,471 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Patterson-UTI Energy during the 3rd quarter worth $381,000. Finally, Tokio Marine Asset Management Co. Ltd. bought a new position in Patterson-UTI Energy during the 3rd quarter worth $1,152,000. Hedge funds and other institutional investors own 95.41% of the company’s stock.
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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.
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