Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $13.50 at Citigroup

Key Points

• Citigroup raised Patterson-UTI Energy’s price target from $10.50 to $13.50 while maintaining a “neutral” rating, implying 9.36% upside from the prior close.
• Analyst sentiment remains broadly positive: PTEN has a consensus “Moderate Buy” rating and an average price target of $13.25, based on nine Buy, five Hold, and one Sell ratings.
• PTEN shares traded at $12.35, near their 52-week high of $13.31, while insiders sold approximately 790,670 shares worth $9.9 million over the past 90 days; institutional investors own 97.91% of the stock.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective increased by research analysts at Citigroup from $10.50 to $13.50 in a report issued on Friday, Benzinga reports. The firm currently has a "neutral" rating on the oil and gas company's stock. Citigroup's price target indicates a potential upside of 9.36% from the stock's previous close.

Several other analysts have also commented on PTEN. Zacks Research lowered shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 27th. Stifel Nicolaus raised their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, June 16th. KeyCorp upgraded Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Susquehanna boosted their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a "positive" rating in a research note on Monday, August 3rd. Finally, Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a research note on Friday, August 21st. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $13.25.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN traded down $0.20 during midday trading on Friday, reaching $12.35. The company had a trading volume of 953,442 shares, compared to its average volume of 9,894,743. The company's 50 day moving average price is $10.53 and its 200 day moving average price is $10.60. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.71 billion, a P/E ratio of -53.63 and a beta of 0.66. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.31.

Insider Activity at Patterson-UTI Energy

In related news, Director James Stewart sold 207,000 shares of the business's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Robert Drummond Jr. sold 198,395 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the sale, the director directly owned 928,773 shares in the company, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 790,670 shares of company stock valued at $9,885,457 in the last ninety days. 2.20% of the stock is currently owned by corporate 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. Quarry LP lifted its holdings in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock worth $26,000 after acquiring an additional 3,862 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Patterson-UTI Energy in the second quarter worth $32,000. Rockefeller Capital Management L.P. increased its stake in Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock valued at $40,000 after acquiring an additional 4,299 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock valued at $51,000 after acquiring an additional 7,171 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd raised its position in Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock valued at $53,000 after purchasing an additional 1,547 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company's core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.

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