Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Receives Consensus Recommendation of “Hold” from Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given a consensus rating of “Hold” by the twelve analysts that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $7.2778.

PTEN has been the subject of a number of research analyst reports. 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. Royal Bank Of Canada raised their price objective on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research report on Friday, October 24th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 price objective (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the transaction, the director directly owned 207,000 shares in the company, valued at $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Sage Rhino Capital LLC grew its position in shares of Patterson-UTI Energy by 6.6% during the 4th quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after buying an additional 1,575 shares during the period. GAMMA Investing LLC raised its position in shares of Patterson-UTI Energy by 11.9% during the 2nd quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company’s stock valued at $90,000 after acquiring an additional 1,615 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Patterson-UTI Energy by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after acquiring an additional 1,915 shares during the last quarter. First Horizon Corp lifted its stake in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares during the period. Finally, Brucke Financial Inc. boosted its position in shares of Patterson-UTI Energy by 14.4% in the 2nd quarter. Brucke Financial Inc. now owns 19,175 shares of the oil and gas company’s stock worth $114,000 after purchasing an additional 2,417 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 0.1%

Shares of NASDAQ PTEN opened at $7.53 on Monday. The business has a 50 day simple moving average of $6.47 and a 200 day simple moving average of $6.01. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $9.30. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of -20.92 and a beta of 0.72. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64.

About Patterson-UTI Energy

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.