Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Expected to Rise, Morgan Stanley Analyst Says

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective hoisted by research analysts at Morgan Stanley from $7.00 to $10.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s target price would suggest a potential downside of 0.35% from the company’s current price.

Other analysts have also recently issued reports about the stock. Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, April 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. The Goldman Sachs Group increased their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Finally, Piper Sandler increased their price objective on shares of Patterson-UTI Energy from $9.00 to $10.00 and gave the stock a “neutral” rating in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $9.44.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN traded up $0.16 on Wednesday, reaching $10.04. 4,167,496 shares of the company’s stock were exchanged, compared to its average volume of 11,223,053. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of -40.10 and a beta of 0.57. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $11.75. The business’s 50-day moving average is $9.55 and its two-hundred day moving average is $7.41. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm’s revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.13) earnings per share. As a group, equities research analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current year.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP boosted its holdings in shares of Patterson-UTI Energy by 8.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 18,465,704 shares of the oil and gas company’s stock worth $112,825,000 after buying an additional 1,465,102 shares during the period. American Century Companies Inc. boosted its holdings in shares of Patterson-UTI Energy by 7.9% in the third quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock worth $80,804,000 after buying an additional 1,135,704 shares during the period. State Street Corp boosted its holdings in shares of Patterson-UTI Energy by 0.5% in the fourth quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after buying an additional 75,560 shares during the period. Sourcerock Group LLC boosted its holdings in shares of Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 110.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after buying an additional 5,551,276 shares during the period. Institutional investors own 97.91% of the company’s stock.

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.