Patterson-UTI Energy (NASDAQ:PTEN) Now Covered by Analysts at Benchmark

Research analysts at Benchmark initiated coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) in a report issued on Thursday, The Fly reports. The firm set a “hold” rating on the oil and gas company’s stock.

PTEN has been the subject of a number of other reports. Barclays upped their price target on shares of Patterson-UTI Energy from $24.00 to $26.00 and gave the company an “overweight” rating in a report on Friday, October 28th. Morgan Stanley increased their target price on shares of Patterson-UTI Energy from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Tuesday, November 1st. TheStreet raised shares of Patterson-UTI Energy from a “d+” rating to a “c” rating in a research report on Thursday, November 10th. Piper Sandler increased their price target on shares of Patterson-UTI Energy to $24.00 in a research report on Tuesday, November 1st. Finally, StockNews.com raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, November 1st. Six equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $21.17.

Patterson-UTI Energy Stock Up 0.5 %

PTEN stock opened at $16.00 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.55 and a quick ratio of 1.43. Patterson-UTI Energy has a 52-week low of $8.77 and a 52-week high of $20.53. The company has a 50-day moving average of $17.03 and a two-hundred day moving average of $15.56. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -11.19 and a beta of 2.33.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last released its quarterly earnings results on Wednesday, October 26th. The oil and gas company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.09. Patterson-UTI Energy had a negative net margin of 13.21% and a negative return on equity of 2.60%. The company had revenue of $727.50 million during the quarter, compared to analysts’ expectations of $683.88 million. As a group, equities research analysts anticipate that Patterson-UTI Energy will post 0.64 EPS for the current year.

Insider Activity at Patterson-UTI Energy

In related news, insider James Michael Holcomb sold 58,335 shares of the firm’s stock in a transaction that occurred on Friday, November 4th. The shares were sold at an average price of $18.65, for a total value of $1,087,947.75. Following the completion of the sale, the insider now owns 273,108 shares of the company’s stock, valued at $5,093,464.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.70% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Ronald Blue Trust Inc. increased its stake in shares of Patterson-UTI Energy by 65.3% during the 4th quarter. Ronald Blue Trust Inc. now owns 2,205 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 871 shares during the last quarter. CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 194.6% during the 3rd quarter. CWM LLC now owns 2,224 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,469 shares during the period. Neo Ivy Capital Management bought a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $27,000. Rockefeller Capital Management L.P. increased its position in Patterson-UTI Energy by 79.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,905 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 1,288 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in Patterson-UTI Energy by 24.2% during the 3rd quarter. Quadrant Capital Group LLC now owns 7,361 shares of the oil and gas company’s stock worth $86,000 after purchasing an additional 1,432 shares in the last quarter. 96.57% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

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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.