Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by stock analysts at Cowen from a “market perform” rating to an “outperform” rating in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage presently has a $26.00 target price on the oil and gas company’s stock, up from their prior target price of $23.00. Cowen’s target price would suggest a potential upside of 29.94% from the company’s current price.
Other equities research analysts have also issued reports about the company. Deutsche Bank dropped their price target on Patterson-UTI Energy from $26.00 to $25.00 and set a “buy” rating for the company in a research report on Friday, February 9th. Jefferies Group set a $25.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, February 9th. Citigroup set a $24.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Friday, February 9th. Royal Bank of Canada set a $34.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Monday, February 5th. Finally, BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Saturday, January 13th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and nineteen have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $25.88.
Shares of Patterson-UTI Energy stock opened at $20.01 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15. The company has a market cap of $4,323.47, a price-to-earnings ratio of -25.01 and a beta of 1.21. Patterson-UTI Energy has a 12 month low of $14.83 and a 12 month high of $25.03.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). The company had revenue of $787.33 million during the quarter, compared to analysts’ expectations of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 4.82%. Patterson-UTI Energy’s revenue for the quarter was up 218.9% on a year-over-year basis. During the same quarter last year, the company earned ($0.53) earnings per share. equities research analysts anticipate that Patterson-UTI Energy will post 0.02 EPS for the current fiscal year.
In related news, Director Terry H. Hunt sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 13th. The stock was sold at an average price of $19.46, for a total value of $194,600.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 4.60% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. William Blair Investment Management LLC lifted its stake in Patterson-UTI Energy by 12.5% during the fourth quarter. William Blair Investment Management LLC now owns 35,379 shares of the oil and gas company’s stock worth $814,000 after purchasing an additional 3,935 shares in the last quarter. MetLife Investment Advisors LLC acquired a new position in Patterson-UTI Energy during the fourth quarter worth $3,686,000. Castleark Management LLC lifted its stake in Patterson-UTI Energy by 40.2% during the fourth quarter. Castleark Management LLC now owns 586,795 shares of the oil and gas company’s stock worth $13,502,000 after purchasing an additional 168,165 shares in the last quarter. Jane Street Group LLC lifted its stake in Patterson-UTI Energy by 266.0% during the fourth quarter. Jane Street Group LLC now owns 89,289 shares of the oil and gas company’s stock worth $2,055,000 after purchasing an additional 64,890 shares in the last quarter. Finally, Verition Fund Management LLC acquired a new position in Patterson-UTI Energy during the fourth quarter worth $474,000. Institutional investors own 99.66% of the company’s stock.
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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 two segments: Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.
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