Patterson-UTI Energy (NASDAQ:PTEN) Stock Rating Upgraded by Wall Street Zen

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research report issued on Saturday.

Several other brokerages have also weighed in on PTEN. Zacks Research upgraded Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Piper Sandler assumed coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They set a “neutral” rating and a $7.00 price objective for the company. Tudor Pickering lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Weiss Ratings restated a “sell (d)” rating on shares of Patterson-UTI Energy in a research report on Wednesday, October 8th. Finally, Royal Bank Of Canada raised their price objective on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Friday. Three equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.39.

Patterson-UTI Energy Trading Down 1.9%

Shares of PTEN stock opened at $6.63 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $9.57. The stock has a fifty day moving average of $5.64 and a two-hundred day moving average of $5.84. The firm has a market capitalization of $2.55 billion, a PE ratio of -18.42 and a beta of 1.23.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. The firm had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. As a group, research analysts expect that Patterson-UTI Energy will post -0.1 EPS for the current year.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently modified their holdings of the stock. American Century Companies Inc. lifted its holdings in shares of Patterson-UTI Energy by 23.4% during the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock valued at $85,769,000 after purchasing an additional 2,746,159 shares during the last quarter. Sourcerock Group LLC lifted its holdings in shares of Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares during the last quarter. ARGA Investment Management LP lifted its holdings in shares of Patterson-UTI Energy by 3.5% during the second quarter. ARGA Investment Management LP now owns 13,238,092 shares of the oil and gas company’s stock valued at $78,502,000 after purchasing an additional 453,519 shares during the last quarter. Bank of America Corp DE raised its position in Patterson-UTI Energy by 1.5% during the second quarter. Bank of America Corp DE now owns 5,710,369 shares of the oil and gas company’s stock valued at $33,862,000 after buying an additional 82,817 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after buying an additional 220,422 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.