Patterson-UTI Energy (NASDAQ:PTEN) PT Raised to $24.00 at Barclays

Posted by MarketBeat News on Aug 3rd, 2022

Patterson-UTI Energy logo Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) had its price objective boosted by equities researchers at Barclays from $20.00 to $24.00 in a report released on Monday, The Fly reports. The brokerage presently has a “maintains” rating on the oil and gas company’s stock. Barclays‘s price objective points to a potential upside of 47.24% from the stock’s previous close.

Several other research analysts also recently commented on the company. Citigroup increased their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday, July 6th. Benchmark began coverage on Patterson-UTI Energy in a research note on Monday, April 18th. They issued a “buy” rating and a $21.00 price objective for the company. Susquehanna Bancshares increased their price objective on Patterson-UTI Energy from $20.00 to $23.00 and gave the company a “positive” rating in a research note on Wednesday, June 8th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 target price for the company in a research note on Thursday, May 26th. Finally, Bank of America downgraded Patterson-UTI Energy from a “buy” rating to a “neutral” rating and cut their target price for the stock from $22.00 to $13.50 in a research note on Friday, July 15th. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.93.

Patterson-UTI Energy Stock Down 0.6 %

NASDAQ PTEN opened at $16.30 on Monday. The business has a fifty day moving average price of $15.99 and a 200 day moving average price of $14.99. 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 company has a market cap of $3.53 billion, a P/E ratio of -7.58 and a beta of 2.27.

Insider Buying and Selling

In related news, insider James Michael Holcomb sold 8,333 shares of the firm’s stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $17.45, for a total transaction of $145,410.85. Following the completion of the sale, the insider now directly owns 364,775 shares of the company’s stock, valued at approximately $6,365,323.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $14.37, for a total transaction of $1,437,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,201,374 shares in the company, valued at approximately $31,633,744.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Michael Holcomb sold 8,333 shares of the firm’s stock in a transaction dated Monday, June 13th. The shares were sold at an average price of $17.45, for a total value of $145,410.85. Following the transaction, the insider now owns 364,775 shares of the company’s stock, valued at $6,365,323.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 491,666 shares of company stock valued at $8,050,072. 2.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of PTEN. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $26,000. CI Investments Inc. purchased a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $39,000. Advisor Group Holdings Inc. boosted its stake in shares of Patterson-UTI Energy by 38.3% in the 4th quarter. Advisor Group Holdings Inc. now owns 4,849 shares of the oil and gas company’s stock valued at $41,000 after buying an additional 1,342 shares during the period. Janney Montgomery Scott LLC purchased a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $89,000. Finally, Journey Strategic Wealth LLC purchased a new position in shares of Patterson-UTI Energy in the 4th quarter valued at about $106,000. 95.14% of the stock is currently owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

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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.