Equities researchers at Deutsche Bank began coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note issued on Tuesday, The Fly reports. The brokerage set a “sell” rating on the oil and gas company’s stock.
Several other research firms also recently weighed in on PTEN. Scotiabank downgraded Patterson-UTI Energy from a “sector outperform” rating to a “sector perform” rating and set a $9.00 price target on the stock. in a research note on Wednesday, August 7th. Royal Bank of Canada set a $10.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, October 25th. Wells Fargo & Co downgraded Patterson-UTI Energy from a “market perform” rating to an “underperform” rating in a research note on Thursday, September 12th. Seaport Global Securities set a $16.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Wednesday, September 4th. Finally, Credit Suisse Group cut their price target on Patterson-UTI Energy from $14.00 to $11.00 and set a “neutral” rating on the stock in a research note on Friday, July 26th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $12.19.
Shares of PTEN stock traded down $0.10 during midday trading on Tuesday, reaching $8.47. 2,307,779 shares of the stock were exchanged, compared to its average volume of 4,018,542. Patterson-UTI Energy has a 1 year low of $7.67 and a 1 year high of $16.27. The company’s 50 day moving average is $8.55 and its two-hundred day moving average is $10.10. The company has a current ratio of 1.54, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. The firm has a market cap of $1.70 billion, a PE ratio of -24.91 and a beta of 1.58.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.03. The firm had revenue of $598.50 million for the quarter, compared to the consensus estimate of $604.66 million. Patterson-UTI Energy had a negative return on equity of 3.85% and a negative net margin of 19.50%. The business’s revenue for the quarter was down 31.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.10) EPS. As a group, equities analysts expect that Patterson-UTI Energy will post -0.97 EPS for the current fiscal year.
In other Patterson-UTI Energy news, Director Curtis W. Huff bought 25,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were acquired at an average cost of $8.08 per share, for a total transaction of $202,000.00. Following the purchase, the director now owns 162,817 shares in the company, valued at approximately $1,315,561.36. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Janeen S. Judah sold 5,000 shares of the stock in a transaction 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 sale, the director now owns 27,023 shares in the company, valued at $244,558.15. The disclosure for this sale can be found here. Company insiders own 4.00% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. SG Americas Securities LLC boosted its stake in Patterson-UTI Energy by 2.4% during the 3rd quarter. SG Americas Securities LLC now owns 45,799 shares of the oil and gas company’s stock valued at $392,000 after purchasing an additional 1,085 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Patterson-UTI Energy by 1.4% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 86,723 shares of the oil and gas company’s stock valued at $998,000 after buying an additional 1,221 shares during the period. World Asset Management Inc lifted its holdings in shares of Patterson-UTI Energy by 8.2% during the 3rd quarter. World Asset Management Inc now owns 16,803 shares of the oil and gas company’s stock valued at $144,000 after buying an additional 1,276 shares during the period. Gateway Investment Advisers LLC lifted its holdings in shares of Patterson-UTI Energy by 2.2% during the 3rd quarter. Gateway Investment Advisers LLC now owns 61,277 shares of the oil and gas company’s stock valued at $524,000 after buying an additional 1,342 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Patterson-UTI Energy by 4.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 30,518 shares of the oil and gas company’s stock valued at $351,000 after buying an additional 1,411 shares during the period. Institutional investors and hedge funds own 98.00% of the company’s stock.
About Patterson-UTI Energy
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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