Patterson-UTI Energy (NASDAQ:PTEN) Given New $9.00 Price Target at Citigroup

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective boosted by Citigroup from $7.00 to $9.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price would suggest a potential upside of 1.98% from the stock’s current price.

PTEN has been the subject of a number of other research reports. Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday. Piper Sandler boosted their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Monday. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Tudor Pickering downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Finally, Stifel Nicolaus lifted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Patterson-UTI Energy currently has an average rating of “Hold” and an average price target of $8.00.

Patterson-UTI Energy Stock Up 1.9%

Shares of PTEN stock traded up $0.17 during trading hours on Monday, reaching $8.83. 4,396,502 shares of the company’s stock were exchanged, compared to its average volume of 11,628,524. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $9.30. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The stock has a market cap of $3.35 billion, a PE ratio of -35.34 and a beta of 0.75. The stock’s fifty day moving average price is $6.70 and its two-hundred day moving average price is $6.08.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the company posted ($0.13) earnings per share. Patterson-UTI Energy’s revenue for the quarter was down 1.0% compared to the same quarter last year. Research analysts predict that Patterson-UTI Energy will post -0.1 EPS for the current year.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction that occurred on 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 owned 207,000 shares in the company, valued at approximately $1,215,090. The trade was a 64.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds have recently made changes to their positions in PTEN. Royal Bank of Canada raised its stake in Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after purchasing an additional 32,622 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Patterson-UTI Energy by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after acquiring an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Patterson-UTI Energy by 4.9% in the 1st 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 purchasing an additional 220,422 shares during the last quarter. United Services Automobile Association purchased a new position in shares of Patterson-UTI Energy during the first quarter worth about $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Patterson-UTI Energy by 3.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after buying an additional 30,217 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Company Profile

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.