Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $12.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective decreased by equities research analysts at Piper Sandler from $14.00 to $12.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Piper Sandler’s target price indicates a potential upside of 17.07% from the stock’s previous close.

Several other analysts have also issued reports on PTEN. Evercore ISI reduced their price objective on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. Bank of America decreased their target price on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday, May 6th. Finally, Susquehanna cut their target price on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research note on Thursday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $15.36.

Patterson-UTI Energy Stock Up 0.6 %

Shares of PTEN opened at $10.25 on Monday. The stock has a fifty day simple moving average of $10.47 and a two-hundred day simple moving average of $10.96. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26. The company has a market capitalization of $4.12 billion, a PE ratio of 15.07 and a beta of 2.19. Patterson-UTI Energy has a 52-week low of $9.51 and a 52-week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.02. The company had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same period in the previous year, the business posted $0.46 EPS. As a group, equities analysts forecast that Patterson-UTI Energy will post 0.56 EPS for the current year.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares in the company, valued at approximately $23,191,187.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PTEN. Fortitude Family Office LLC lifted its holdings in shares of Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,594 shares during the period. Hexagon Capital Partners LLC lifted its stake in shares of Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,307 shares during the period. Lindbrook Capital LLC increased its stake in shares of Patterson-UTI Energy by 66.5% during the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 1,332 shares during the period. Neo Ivy Capital Management purchased a new position in Patterson-UTI Energy during the fourth quarter worth about $40,000. Finally, CWM LLC lifted its position in Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after purchasing an additional 893 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.