Barclays Upgrades Patterson-UTI Energy (NASDAQ:PTEN) to Overweight

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by equities researchers at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued on Thursday, Marketbeat reports. The firm currently has a $15.00 price target on the oil and gas company’s stock, up from their previous price target of $10.00. Barclays‘s price objective points to a potential upside of 31.35% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. Piper Sandler lifted their price target on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a research note on Monday, April 20th. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Finally, Morgan Stanley boosted their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.80.

Patterson-UTI Energy Trading Up 0.1%

PTEN opened at $11.42 on Thursday. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $12.62. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The company has a market cap of $4.34 billion, a P/E ratio of -36.84 and a beta of 0.64. The company has a fifty day moving average price of $10.39 and a two-hundred day moving average price of $7.99.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. Analysts predict that Patterson-UTI Energy will post -0.21 EPS for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the transaction, the chief executive officer directly owned 2,823,103 shares in the company, valued at $33,453,770.55. The trade was a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the completion of the transaction, the director owned 1,190,248 shares in the company, valued at approximately $14,330,585.92. The trade was a 21.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 808,949 shares of company stock worth $9,387,035 over the last three months. 2.20% of the stock is currently owned by insiders.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently modified their holdings of the business. Tejara Capital Ltd lifted its stake in shares of Patterson-UTI Energy by 65.1% during the 3rd quarter. Tejara Capital Ltd now owns 554,993 shares of the oil and gas company’s stock valued at $2,875,000 after buying an additional 218,856 shares in the last quarter. Citigroup Inc. lifted its stake in Patterson-UTI Energy by 10.3% in the 3rd quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock worth $7,717,000 after purchasing an additional 139,561 shares in the last quarter. New York State Teachers Retirement System lifted its stake in Patterson-UTI Energy by 71.9% in the 3rd quarter. New York State Teachers Retirement System now owns 551,671 shares of the oil and gas company’s stock worth $2,858,000 after purchasing an additional 230,800 shares in the last quarter. Magnetar Financial LLC lifted its stake in Patterson-UTI Energy by 728.4% in the 3rd quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company’s stock worth $1,455,000 after purchasing an additional 247,010 shares in the last quarter. Finally, Public Sector Pension Investment Board lifted its stake in Patterson-UTI Energy by 14.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,367,213 shares of the oil and gas company’s stock worth $7,082,000 after purchasing an additional 169,816 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy News Summary

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Zacks Research raised earnings estimates across multiple periods, including FY2026-FY2028, and now sees PTEN reaching positive EPS by FY2028. The firm also keeps a Strong-Buy rating, which is a bullish signal for investors. Zacks estimate revisions
• Positive Sentiment: Barclays upgraded Patterson-UTI Energy from equal weight to overweight and lifted its price target to $15, suggesting analysts see further upside from recent levels. Barclays upgrade
• Neutral Sentiment: PTEN reported April drilling activity of 88 average U.S. rigs operating. This indicates steady operations, but it is mostly a routine update and does not by itself change the earnings outlook. Drilling activity report
• Negative Sentiment: Director Cesar Jaime sold 10,000 shares on May 5, which can weigh on sentiment because insider selling sometimes raises questions about management confidence. SEC filing

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.