Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by stock analysts at BidaskClub from a “hold” rating to a “buy” rating in a report released on Wednesday, BidAskClub reports.

PTEN has been the subject of a number of other research reports. Zacks Investment Research upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. UBS Group set a $18.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, December 20th. TheStreet cut Patterson-UTI Energy from a “c-” rating to a “d” rating in a research note on Friday, March 15th. Credit Suisse Group downgraded shares of Patterson-UTI Energy from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $19.00 to $12.00 in a report on Wednesday, December 19th. Finally, Raymond James set a $20.00 price target on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, February 8th. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $20.44.

Shares of NASDAQ PTEN opened at $15.20 on Wednesday. Patterson-UTI Energy has a twelve month low of $9.49 and a twelve month high of $23.99. The company has a market capitalization of $3.27 billion, a PE ratio of -44.71 and a beta of 1.34. The company has a current ratio of 1.81, a quick ratio of 1.68 and a debt-to-equity ratio of 0.32.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, February 7th. The oil and gas company reported ($0.04) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.10. The company had revenue of $795.90 million during the quarter, compared to the consensus estimate of $797.10 million. Patterson-UTI Energy had a negative return on equity of 1.98% and a negative net margin of 9.66%. Patterson-UTI Energy’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the business posted ($0.10) earnings per share. On average, analysts forecast that Patterson-UTI Energy will post -0.71 EPS for the current fiscal year.

Patterson-UTI Energy declared that its board has authorized a stock repurchase program on Thursday, February 7th that permits the company to buyback $250.00 million in shares. This buyback authorization permits the oil and gas company to reacquire up to 9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Several hedge funds have recently bought and sold shares of PTEN. Captrust Financial Advisors bought a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $25,000. Quantamental Technologies LLC bought a new position in Patterson-UTI Energy in the 4th quarter worth approximately $68,000. Meeder Asset Management Inc. purchased a new position in Patterson-UTI Energy in the 4th quarter valued at approximately $69,000. Avestar Capital LLC purchased a new position in Patterson-UTI Energy in the 4th quarter valued at approximately $81,000. Finally, Penserra Capital Management LLC raised its holdings in Patterson-UTI Energy by 112.3% during the 4th quarter. Penserra Capital Management LLC now owns 10,064 shares of the oil and gas company’s stock valued at $103,000 after acquiring an additional 5,324 shares during the period. Institutional investors own 97.44% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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

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