Royal Bank Of Canada restated their buy rating on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a report published on Thursday morning. The firm currently has a $29.00 target price on the oil and gas company’s stock.

Several other analysts have also issued reports on PTEN. Scotiabank restated a hold rating and issued a $30.00 price objective on shares of Patterson-UTI Energy in a report on Wednesday, March 22nd. Tudor Pickering initiated coverage on shares of Patterson-UTI Energy in a report on Thursday, March 23rd. They issued a hold rating on the stock. Zacks Investment Research lowered shares of Patterson-UTI Energy from a buy rating to a hold rating in a report on Tuesday, March 28th. Instinet upgraded shares of Patterson-UTI Energy from a neutral rating to a buy rating and boosted their price objective for the company from $26.00 to $31.00 in a report on Wednesday, April 5th. Finally, Nomura upgraded shares of Patterson-UTI Energy from a neutral rating to a buy rating in a report on Wednesday, April 5th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating and sixteen have assigned a buy rating to the stock. The company currently has an average rating of Hold and a consensus target price of $27.54.

Patterson-UTI Energy (NASDAQ PTEN) opened at 19.75 on Thursday. Patterson-UTI Energy has a 12-month low of $17.61 and a 12-month high of $29.76. The stock has a 50 day moving average of $20.34 and a 200-day moving average of $23.98. The company’s market capitalization is $3.26 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.44) by $0.02. The firm had revenue of $305.20 million for the quarter, compared to analyst estimates of $294.82 million. Patterson-UTI Energy had a negative net margin of 32.74% and a negative return on equity of 13.10%. Patterson-UTI Energy’s revenue was up 13.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.48) EPS. Equities analysts expect that Patterson-UTI Energy will post ($1.05) earnings per share for the current year.

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Institutional investors have recently made changes to their positions in the stock. US Bancorp DE increased its position in shares of Patterson-UTI Energy by 21.7% in the second quarter. US Bancorp DE now owns 33,066 shares of the oil and gas company’s stock worth $667,000 after buying an additional 5,892 shares during the period. State Treasurer State of Michigan increased its position in shares of Patterson-UTI Energy by 0.9% in the second quarter. State Treasurer State of Michigan now owns 68,200 shares of the oil and gas company’s stock worth $1,377,000 after buying an additional 600 shares during the period. Louisiana State Employees Retirement System increased its position in shares of Patterson-UTI Energy by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 43,100 shares of the oil and gas company’s stock worth $870,000 after buying an additional 1,100 shares during the period. LS Investment Advisors LLC increased its position in shares of Patterson-UTI Energy by 24.9% in the second quarter. LS Investment Advisors LLC now owns 13,497 shares of the oil and gas company’s stock worth $273,000 after buying an additional 2,694 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Patterson-UTI Energy by 4.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 59,970 shares of the oil and gas company’s stock worth $1,211,000 after buying an additional 2,573 shares during the period. 85.04% 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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