Citigroup Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $12.50

Key Points

• Citigroup cut Patterson-UTI Energy’s price target from $13.50 to $12.50 while maintaining a “neutral” rating, implying 11.56% upside from the stock’s $11.21 price.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $13.14; nine analysts rate the stock a Buy, six a Hold, and one a Sell.
• Insiders have sold 1.027 million shares worth approximately $12.7 million over the past 90 days, while institutional investors and hedge funds hold 97.91% of the company’s stock.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price target reduced by research analysts at Citigroup from $13.50 to $12.50 in a research note issued to investors on Friday, Benzinga reports. The firm presently has a "neutral" rating on the oil and gas company's stock. Citigroup's target price would indicate a potential upside of 11.56% from the company's current price.

Other research analysts also recently issued research reports about the stock. Zacks Research downgraded shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 27th. Piper Sandler reaffirmed an "overweight" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price on the stock in a research note on Friday, July 31st. Susquehanna upped their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "positive" rating in a report on Monday, August 3rd. Finally, Stifel Nicolaus increased their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, June 16th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $13.14.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock traded down $0.10 during trading hours on Friday, hitting $11.21. The company's stock had a trading volume of 3,210,523 shares, compared to its average volume of 9,739,849. The business has a 50 day moving average price of $11.44 and a two-hundred day moving average price of $11.02. The company has a market cap of $4.27 billion, a PE ratio of -48.76 and a beta of 0.77. Patterson-UTI Energy has a 12-month low of $5.24 and a 12-month high of $13.39. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75.

Insider Activity at Patterson-UTI Energy

In other news, Director James Stewart sold 207,000 shares of the company's stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Seth Wexler sold 120,000 shares of the firm's stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the completion of the transaction, the executive vice president directly owned 404,582 shares in the company, valued at $5,158,420.50. This represents a 22.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,027,000 shares of company stock valued at $12,698,780 over the last 90 days. Company insiders own 2.20% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PTEN. Sequoia Financial Advisors LLC raised its holdings in Patterson-UTI Energy by 107.2% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 22,147 shares of the oil and gas company's stock valued at $203,000 after buying an additional 11,458 shares during the period. Tidal Investments LLC raised its position in shares of Patterson-UTI Energy by 11.5% during the 2nd quarter. Tidal Investments LLC now owns 166,271 shares of the oil and gas company's stock worth $1,526,000 after acquiring an additional 17,189 shares in the last quarter. Engineers Gate Manager LP lifted its position in shares of Patterson-UTI Energy by 1,002.2% during the 2nd quarter. Engineers Gate Manager LP now owns 461,819 shares of the oil and gas company's stock worth $4,239,000 after buying an additional 419,919 shares during the last quarter. Integrated Wealth Concepts LLC acquired a new position in shares of Patterson-UTI Energy in the 2nd quarter valued at $96,000. Finally, Allworth Financial LP increased its stake in shares of Patterson-UTI Energy by 172.4% during the second quarter. Allworth Financial LP now owns 7,417 shares of the oil and gas company's stock worth $68,000 after acquiring an additional 4,694 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc NASDAQ: PTEN is an energy services company that provides drilling and well-completion solutions to oil and natural gas exploration and production companies. Its operations support the development of unconventional and conventional wells, primarily in North America.

The company's drilling services include contract land drilling, directional drilling, and related technologies designed to improve well placement, efficiency, and performance. Patterson-UTI also provides completion services, including pressure pumping, wireline, and other well-completion and production-support services.

Through its drilling products business, Patterson-UTI manufactures and distributes drilling equipment and downhole tools, including drill bits, drilling motors, and related products.

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