Stifel Nicolaus Issues Positive Forecast for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its price target hoisted by Stifel Nicolaus from $11.00 to $14.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. Stifel Nicolaus’ price target suggests a potential upside of 23.29% from the company’s previous close.

PTEN has been the topic of a number of other research reports. Piper Sandler raised their price target on Patterson-UTI Energy from $9.00 to $10.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price for the company in a research note on Monday. Citigroup raised their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Finally, Susquehanna upped their price target on shares of Patterson-UTI Energy from $10.00 to $13.00 and gave the company a “positive” rating in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $10.20.

Patterson-UTI Energy Trading Up 5.0%

Shares of NASDAQ PTEN opened at $11.36 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $11.75. The company has a 50-day moving average of $9.82 and a two-hundred day moving average of $7.62. The company has a market cap of $4.31 billion, a PE ratio of -35.93 and a beta of 0.57.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.30% and a negative net margin of 2.56%.The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. The company’s revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts expect that Patterson-UTI Energy will post -0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.40% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Pictet Asset Management Holding SA lifted its position in Patterson-UTI Energy by 686.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 475,726 shares of the oil and gas company’s stock worth $5,152,000 after buying an additional 415,209 shares in the last quarter. Sterling Capital Management LLC grew its holdings in shares of Patterson-UTI Energy by 132.1% in the 1st quarter. Sterling Capital Management LLC now owns 46,456 shares of the oil and gas company’s stock valued at $503,000 after acquiring an additional 26,444 shares in the last quarter. Wesbanco Bank Inc. acquired a new stake in shares of Patterson-UTI Energy in the first quarter valued at about $217,000. Louisiana State Employees Retirement System bought a new stake in Patterson-UTI Energy during the first quarter worth about $1,659,000. Finally, Ritholtz Wealth Management bought a new stake in Patterson-UTI Energy during the first quarter worth about $137,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

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.