Patterson-UTI Energy (NASDAQ:PTEN) has been assigned a $25.00 price target by stock analysts at Guggenheim in a research note issued to investors on Thursday. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Guggenheim’s price target suggests a potential upside of 38.20% from the company’s previous close.
Several other equities analysts also recently commented on the company. Cowen reiterated a “market perform” rating and set a $20.00 price target (down previously from $24.00) on shares of Patterson-UTI Energy in a report on Friday, October 27th. Credit Suisse Group increased their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. SunTrust Banks increased their price objective on Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. Stephens began coverage on Patterson-UTI Energy in a research report on Tuesday, January 9th. They issued an “overweight” rating and a $29.00 price objective for the company. Finally, Zacks Investment Research cut Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $26.21.
Patterson-UTI Energy (PTEN) opened at $18.09 on Thursday. Patterson-UTI Energy has a twelve month low of $14.83 and a twelve month high of $28.73. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. The company has a market capitalization of $4,020.00, a P/E ratio of -139.15 and a beta of 1.02.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.02). Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 5.07%. The company had revenue of $787.33 million for the quarter, compared to analyst estimates of $764.84 million. During the same quarter last year, the business earned ($0.53) EPS. The company’s revenue for the quarter was up 218.9% on a year-over-year basis. equities research analysts forecast that Patterson-UTI Energy will post 0.01 EPS for the current year.
In related news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.60% of the stock is owned by company insiders.
Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC lifted its position in Patterson-UTI Energy by 621.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock worth $194,000 after purchasing an additional 7,274 shares during the period. PNC Financial Services Group Inc. lifted its position in Patterson-UTI Energy by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after purchasing an additional 1,089 shares during the period. Ballentine Partners LLC bought a new position in Patterson-UTI Energy in the fourth quarter worth $216,000. WealthTrust Axiom LLC bought a new position in Patterson-UTI Energy in the fourth quarter worth $217,000. Finally, Schroder Investment Management Group bought a new position in Patterson-UTI Energy in the fourth quarter worth $219,000. 97.79% of the stock is owned by hedge funds and other institutional investors.
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Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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