Patterson-UTI Energy (NASDAQ:PTEN) Stock Rating Reaffirmed by Benchmark

Patterson-UTI Energy (NASDAQ:PTEN)‘s stock had its “hold” rating reiterated by equities research analysts at Benchmark in a note issued to investors on Monday, Benzinga reports.

A number of other equities research analysts also recently issued reports on PTEN. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Susquehanna reissued a “positive” rating and set a $16.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Raymond James cut their price objective on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. Royal Bank of Canada cut their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, February 16th. Finally, Piper Sandler lowered their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus price target of $15.67.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $11.00 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a twelve month low of $9.70 and a twelve month high of $16.17. The firm has a market cap of $4.44 billion, a P/E ratio of 16.18, a PEG ratio of 1.57 and a beta of 2.23. The company has a 50 day moving average of $11.61 and a 200 day moving average of $11.42.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the firm posted $0.46 EPS. As a group, research analysts expect that Patterson-UTI Energy will post 0.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the stock in a transaction that occurred on Thursday, February 29th. The stock was 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 in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PTEN. Vanguard Group Inc. lifted its stake in shares of Patterson-UTI Energy by 4.3% in the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after purchasing an additional 1,847,468 shares during the last quarter. Blackstone Inc. purchased a new position in Patterson-UTI Energy during the third quarter worth $483,016,000. Cerberus Capital Management L.P. bought a new position in Patterson-UTI Energy during the third quarter valued at $188,486,000. FMR LLC raised its stake in shares of Patterson-UTI Energy by 21,195.0% in the third quarter. FMR LLC now owns 11,655,391 shares of the oil and gas company’s stock valued at $161,311,000 after acquiring an additional 11,600,658 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of Patterson-UTI Energy by 6.5% in the 4th quarter. Van ECK Associates Corp now owns 8,505,551 shares of the oil and gas company’s stock worth $91,860,000 after acquiring an additional 519,259 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

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.