Susquehanna Raises Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $23.00

Patterson-UTI Energy (NASDAQ:PTENGet Rating) had its target price hoisted by analysts at Susquehanna from $20.00 to $23.00 in a research report issued on Wednesday, The Fly reports. Susquehanna’s price objective would indicate a potential upside of 16.93% from the stock’s current price.

Other equities analysts have also issued reports about the company. Piper Sandler lowered Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and upped their target price for the company from $21.00 to $22.75 in a research report on Tuesday, May 31st. They noted that the move was a valuation call. Barclays upped their target price on Patterson-UTI Energy from $16.00 to $20.00 in a research report on Monday, May 2nd. Citigroup upped their target price on Patterson-UTI Energy from $11.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, February 15th. Benchmark started coverage on Patterson-UTI Energy in a research report on Monday, April 18th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 target price on the stock in a research report on Thursday, May 26th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Buy” and an average price target of $17.43.

NASDAQ:PTEN opened at $19.67 on Wednesday. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of -7.03 and a beta of 2.37. Patterson-UTI Energy has a one year low of $6.44 and a one year high of $20.53. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.23 and a current ratio of 1.35. The business’s 50-day simple moving average is $16.89 and its 200 day simple moving average is $13.12.

Patterson-UTI Energy (NASDAQ:PTENGet Rating) last posted its quarterly earnings data on Wednesday, April 27th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.21) by $0.08. Patterson-UTI Energy had a negative return on equity of 17.74% and a negative net margin of 35.49%. The company had revenue of $509.80 million for the quarter, compared to the consensus estimate of $512.08 million. During the same period in the previous year, the business earned ($0.57) EPS. Patterson-UTI Energy’s revenue for the quarter was up 111.5% compared to the same quarter last year. On average, equities research analysts predict that Patterson-UTI Energy will post 0.11 EPS for the current year.

In related news, EVP Kenneth N. Berns sold 75,000 shares of the company’s stock in a transaction on Wednesday, May 25th. The stock was sold at an average price of $17.89, for a total transaction of $1,341,750.00. Following the completion of the transaction, the executive vice president now directly owns 761,732 shares in the company, valued at approximately $13,627,385.48. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the stock in a transaction on Thursday, March 17th. The stock was sold at an average price of $15.04, for a total value of $1,504,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 619,650 shares of company stock valued at $9,847,231. 2.70% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the business. CI Investments Inc. bought a new stake in shares of Patterson-UTI Energy during the 1st quarter worth about $39,000. Rosenberg Matthew Hamilton bought a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $26,000. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $26,000. Point72 Hong Kong Ltd raised its position in shares of Patterson-UTI Energy by 62.2% during the 3rd quarter. Point72 Hong Kong Ltd now owns 4,118 shares of the oil and gas company’s stock worth $37,000 after buying an additional 1,579 shares in the last quarter. Finally, Exane Derivatives bought a new stake in shares of Patterson-UTI Energy during the 4th quarter worth about $35,000. Institutional investors own 95.14% of the company’s stock.

Patterson-UTI Energy Company Profile (Get Rating)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

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