A number of other equities analysts have also recently weighed in on the company. Morgan Stanley reduced their price target on Patterson-UTI Energy from $14.00 to $13.00 and set an “overweight” rating for the company in a report on Monday, October 7th. Scotiabank cut Patterson-UTI Energy from a “sector outperform” rating to a “sector perform” rating and set a $9.00 price target for the company. in a report on Wednesday, August 7th. Barclays initiated coverage on Patterson-UTI Energy in a report on Thursday, September 26th. They issued an “equal weight” rating and a $10.00 price target for the company. Wells Fargo & Co cut Patterson-UTI Energy from a “market perform” rating to an “underperform” rating in a report on Thursday, September 12th. Finally, Credit Suisse Group reduced their price target on Patterson-UTI Energy from $14.00 to $11.00 and set a “neutral” rating for the company in a report on Friday, July 26th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and nine have issued a buy rating to the company’s stock. Patterson-UTI Energy has a consensus rating of “Hold” and an average price target of $12.80.
NASDAQ PTEN opened at $7.83 on Friday. The stock has a market capitalization of $1.58 billion, a price-to-earnings ratio of -23.03 and a beta of 1.52. Patterson-UTI Energy has a twelve month low of $7.67 and a twelve month high of $17.42. The company has a current ratio of 1.91, a quick ratio of 1.76 and a debt-to-equity ratio of 0.35. The stock has a 50-day moving average of $8.77 and a 200 day moving average of $11.02.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.04. The company had revenue of $675.77 million during the quarter, compared to analysts’ expectations of $670.28 million. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. Patterson-UTI Energy’s quarterly revenue was down 20.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.05) EPS. Equities analysts predict that Patterson-UTI Energy will post -0.95 EPS for the current fiscal year.
In other news, Director Curtis W. Huff bought 25,000 shares of Patterson-UTI Energy stock in a transaction on Friday, August 23rd. The stock was acquired at an average price of $8.08 per share, with a total value of $202,000.00. Following the completion of the acquisition, the director now directly owns 162,817 shares of the company’s stock, valued at $1,315,561.36. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Janeen S. Judah sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the transaction, the director now directly owns 27,023 shares of the company’s stock, valued at approximately $244,558.15. The disclosure for this sale can be found here. 4.00% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in PTEN. Quantamental Technologies LLC raised its holdings in shares of Patterson-UTI Energy by 173.2% during the second quarter. Quantamental Technologies LLC now owns 6,041 shares of the oil and gas company’s stock valued at $70,000 after acquiring an additional 3,830 shares during the last quarter. Machina Capital S.A.S. grew its position in shares of Patterson-UTI Energy by 1,559.1% in the second quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock valued at $76,000 after purchasing an additional 6,174 shares in the last quarter. KBC Group NV purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $78,000. M&T Bank Corp purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $122,000. Finally, GSA Capital Partners LLP purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $143,000. 98.69% of the stock is owned by institutional investors and hedge funds.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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