Patterson-UTI Energy (NASDAQ:PTEN) Rating Reiterated by Susquehanna

Patterson-UTI Energy (NASDAQ:PTEN)‘s stock had its “positive” rating restated by research analysts at Susquehanna in a research note issued on Monday, Benzinga reports. They presently have a $16.00 target price on the oil and gas company’s stock. Susquehanna’s target price would indicate a potential upside of 33.11% from the stock’s previous close.

A number of other equities analysts have also recently issued reports on PTEN. Raymond James cut their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a report on Friday, February 16th. Evercore ISI cut their price objective on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Benchmark lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. The Goldman Sachs Group started coverage on shares of Patterson-UTI Energy in a research note on Tuesday, December 19th. They issued a “neutral” rating and a $12.00 price target for the company. Finally, Royal Bank of Canada reduced their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.33.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $12.02 on Monday. The stock has a market cap of $4.91 billion, a price-to-earnings ratio of 11.90, a PEG ratio of 1.25 and a beta of 2.22. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The business has a 50-day simple moving average of $11.54 and a 200 day simple moving average of $11.75. Patterson-UTI Energy has a 52 week low of $9.70 and a 52 week high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. The company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. On average, research analysts forecast that Patterson-UTI Energy will post 0.65 earnings per share for the current fiscal year.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently modified their holdings of the stock. Capital Advisors Ltd. LLC purchased a new position in Patterson-UTI Energy in the third quarter worth about $25,000. Quarry LP raised its holdings in Patterson-UTI Energy by 157.2% in the 2nd quarter. Quarry LP now owns 2,804 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 1,714 shares during the last quarter. CWM LLC lifted its position in Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 791 shares in the last quarter. Neo Ivy Capital Management bought a new position in Patterson-UTI Energy in the 4th quarter valued at approximately $40,000. Finally, Parkside Financial Bank & Trust boosted its stake in Patterson-UTI Energy by 635.8% during the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock valued at $42,000 after purchasing an additional 2,594 shares during the last quarter. Hedge funds and other institutional investors 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.