UBS Group Forecasts Strong Price Appreciation for Patterson-UTI Energy (NASDAQ:PTEN) Stock

Patterson-UTI Energy (NASDAQ:PTEN) had its target price increased by stock analysts at UBS Group from $13.00 to $13.50 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. UBS Group‘s price target indicates a potential upside of 1.35% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Friday. Citigroup lowered their target price on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a research report on Friday, October 2nd. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Susquehanna upped their price target on shares of Patterson-UTI Energy from $13.00 to $15.00 and gave the company a “positive” rating in a research report on Friday. Finally, Piper Sandler reissued an “overweight” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Nine equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.64.

Patterson-UTI Energy Price Performance

PTEN opened at $13.32 on Friday. Patterson-UTI Energy has a twelve month low of $5.24 and a twelve month high of $13.39. The firm has a market cap of $5.08 billion, a P/E ratio of -222.00 and a beta of 0.79. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.73. The business has a 50 day moving average price of $11.89 and a 200 day moving average price of $10.52.

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

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Drummond Jr. sold 198,395 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total value of $2,549,375.75. Following the sale, the director directly owned 928,773 shares in the company, valued at approximately $11,934,733.05. This trade represents a 17.60% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,027,000 shares of company stock worth $12,698,780. 2.20% of the stock is owned by company insiders.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Patterson-UTI Energy in the second quarter valued at about $577,234,000. Webs Creek Capital Management LP bought a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at about $53,729,934. Bank of America Corp DE bought a new position in Patterson-UTI Energy during the second quarter worth $52,132,000. Bank of New York Mellon Corp bought a new position in shares of Patterson-UTI Energy in the second quarter worth $38,766,000. Finally, Dimensional Fund Advisors LP increased its position in Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after purchasing an additional 2,745,872 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.