Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $17.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price hoisted by research analysts at Barclays from $16.00 to $17.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the oil and gas company’s stock. Barclays‘s target price suggests a potential upside of 29.81% from the company’s current price.

Several other brokerages have also commented on PTEN. Zacks Research lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research note on Friday, July 31st. Piper Sandler reaffirmed an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Weiss Ratings raised shares of Patterson-UTI Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Finally, Citigroup decreased their price target on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a research note on Friday, October 2nd. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $13.41.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN traded up $0.41 during midday trading on Friday, hitting $13.10. The stock had a trading volume of 1,330,084 shares, compared to its average volume of 9,423,770. The company has a market capitalization of $4.99 billion, a PE ratio of -218.37 and a beta of 0.77. Patterson-UTI Energy has a 1 year low of $5.24 and a 1 year high of $13.39. The stock has a 50 day moving average price of $11.87 and a two-hundred day moving average price of $10.48. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 EPS for the quarter, topping the consensus estimate of $0.04 by $0.03. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.31 billion. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.10) EPS. As a group, equities analysts predict that Patterson-UTI Energy will post 0.01 earnings per share for the current fiscal year.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the company’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the sale, the director directly owned 928,773 shares in the company, valued at $11,934,733.05. This represents a 17.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Seth Wexler sold 120,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the completion of the transaction, the executive vice president owned 404,582 shares of the company’s stock, valued at approximately $5,158,420.50. This trade represents a 22.88% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 1,027,000 shares of company stock worth $12,698,780. 2.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at $32,000. Rockefeller Capital Management L.P. raised its stake in Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 4,299 shares during the period. Nykredit A S bought a new stake in shares of Patterson-UTI Energy during the second quarter valued at approximately $56,000. Reyes Financial Architecture Inc. purchased a new position in shares of Patterson-UTI Energy in the third quarter worth $60,000. Finally, Farther Finance Advisors LLC grew its holdings in shares of Patterson-UTI Energy by 39.7% in the third quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 1,732 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

More Patterson-UTI Energy News

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

• Positive Sentiment: Strong Q3 results: Patterson-UTI reported revenue of approximately $1.34 billion, up 14.1% year over year and above the $1.31 billion consensus estimate. Adjusted earnings of $0.07 per share also exceeded expectations of $0.04 and improved substantially from a year-ago loss. Patterson-UTI Energy Reports Third-Quarter Results
• Positive Sentiment: Positive operating outlook: Management expects fourth-quarter drilling-services adjusted gross profit of about $150 million while maintaining its 2026 capital-expenditure target below $600 million. The combination suggests continued operating momentum and disciplined spending. Patterson-UTI Fourth-Quarter Outlook
• Positive Sentiment: Analyst becomes more bullish: Susquehanna raised its price target from $13 to $15 and assigned a “positive” rating, implying further upside from the reference price. Susquehanna Patterson-UTI Analyst Rating
• Positive Sentiment: Dividend maintained: The company declared a quarterly dividend of $0.10 per share, or $0.40 annualized, representing a yield of roughly 3.2% at the cited share price. Patterson-UTI Dividend Information
• Neutral Sentiment: Profitability remains limited: Despite the earnings beat, Patterson-UTI reported a negative net margin and negative return on equity, so investors may continue to focus on whether stronger drilling-services demand can translate into sustainable net profits.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.