Patterson-UTI Energy (NASDAQ:PTEN) Given New $13.50 Price Target at Citigroup

Patterson-UTI Energy (NASDAQ:PTEN) had its price target boosted by Citigroup from $10.50 to $13.50 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s price objective would suggest a potential upside of 9.36% from the stock’s current price.

PTEN has been the topic of several other research reports. Susquehanna lifted their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a report on Monday, August 3rd. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. The Goldman Sachs Group increased their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Stifel Nicolaus lifted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, June 16th. Finally, Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average price target of $13.25.

Patterson-UTI Energy Trading Down 1.6%

Shares of Patterson-UTI Energy stock traded down $0.20 during trading on Friday, reaching $12.35. The company’s stock had a trading volume of 953,442 shares, compared to its average volume of 9,894,743. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.31. The firm’s 50-day moving average is $10.53 and its two-hundred day moving average is $10.60. The company has a market cap of $4.71 billion, a price-to-earnings ratio of -53.63 and a beta of 0.66.

Insider Buying and Selling at Patterson-UTI Energy

In related news, EVP Seth Wexler sold 120,000 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president owned 404,582 shares in the company, valued at $5,158,420.50. The trade was a 22.88% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director James Stewart sold 207,000 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 790,670 shares of company stock worth $9,885,457. 2.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Patterson-UTI Energy during the second quarter valued at approximately $32,000. Quarry LP raised its holdings in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. Nykredit A S purchased a new position in Patterson-UTI Energy during the second quarter valued at $56,000. Rockefeller Capital Management L.P. lifted its position in Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 4,299 shares during the period. Finally, Allworth Financial LP bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at $68,000. Hedge funds and other institutional investors 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.