Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $17.00

Key Points

• Barclays raised Patterson-UTI Energy’s price target from $16 to $17 while maintaining an “overweight” rating, implying approximately 29.8% upside from the cited $13.10 share price.
• Patterson-UTI reported better-than-expected quarterly results, with $1.34 billion in revenue and $0.07 adjusted EPS versus estimates of $1.31 billion and $0.04, respectively. Revenue increased 14.1% year over year, though profitability remained limited with a negative net margin.
• Analyst sentiment is broadly positive, with nine Buy ratings and six Holds producing a “Moderate Buy” consensus and an average price target of $13.41; however, insiders sold more than 1 million shares in the past quarter.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective hoisted by research analysts at Royal Bank Of Canada from $15.00 to $17.00 in a report released on Friday, Benzinga reports. The brokerage presently has an "outperform" rating on the oil and gas company's stock. Royal Bank Of Canada's price objective would suggest a potential upside of 29.52% from the stock's current price.

A number of other equities analysts have also issued reports on PTEN. Barclays increased their price objective on Patterson-UTI Energy from $16.00 to $17.00 and gave the stock an "overweight" rating in a report on Friday. Citigroup decreased their price target on shares of Patterson-UTI Energy from $13.50 to $12.50 and set a "neutral" rating on the stock in a research report on Friday, October 2nd. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price objective for the company in a research note on Friday, July 31st. Susquehanna upped their price target on Patterson-UTI Energy from $13.00 to $15.00 and gave the company a "positive" rating in a research report on Friday. Finally, Zacks Research downgraded Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a report on Thursday, August 27th. Nine investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $13.59.

Patterson-UTI Energy Stock Performance

Shares of PTEN traded up $0.43 during mid-day trading on Friday, hitting $13.12. The stock had a trading volume of 3,276,625 shares, compared to its average volume of 9,431,620. The company has a market cap of $5.01 billion, a PE ratio of -218.92 and a beta of 0.77. The company's fifty day simple moving average is $11.87 and its two-hundred day simple moving average is $10.48. The company has a quick ratio of 1.57, a current ratio of 1.75 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy has a fifty-two week low of $5.24 and a fifty-two week high of $13.39.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 EPS for the quarter, beating the consensus estimate of $0.04 by $0.03. The business had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.31 billion. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The company's quarterly revenue was up 14.1% on a year-over-year basis. During the same period in the previous year, the business posted ($0.10) EPS. On average, equities analysts expect that Patterson-UTI Energy will post 0.01 earnings per share for the current year.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert Drummond Jr. sold 198,395 shares of the company's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the sale, the director owned 928,773 shares of the company's stock, valued at $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 a total of 1,027,000 shares of company stock valued at $12,698,780 over the last 90 days. 2.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of Patterson-UTI Energy during the 2nd quarter worth $32,000. Rockefeller Capital Management L.P. boosted 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 buying an additional 4,299 shares in the last quarter. Nykredit A S bought a new position in Patterson-UTI Energy in the second quarter valued at about $56,000. Reyes Financial Architecture Inc. acquired a new position in Patterson-UTI Energy during the third quarter worth about $60,000. Finally, Farther Finance Advisors LLC lifted its holdings in shares of Patterson-UTI Energy by 39.7% in the third quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company's stock worth $67,000 after acquiring an additional 1,732 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

Trending Headlines about Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Q3 earnings and revenue beat expectations. Patterson-UTI reported adjusted earnings of $0.07 per share versus the $0.04 consensus estimate, while revenue increased 14.1% year over year to $1.34 billion, above the $1.31 billion forecast. The company also improved from a $0.10-per-share loss in the prior-year quarter. Patterson-UTI Energy quarterly earnings report
• Positive Sentiment: Management maintained a constructive outlook. Patterson-UTI expects fourth-quarter drilling services adjusted gross profit of approximately $150 million and plans to keep full-year 2026 capital expenditures below $600 million. The combination of projected profitability and spending discipline is supportive for cash flow and valuation. Patterson-UTI Q4 outlook
• Positive Sentiment: Analysts raised their price targets. Barclays increased its target from $16 to $17 and reaffirmed an “overweight” rating, implying roughly 30% upside from the referenced price. Susquehanna raised its target from $13 to $15 and assigned a “positive” rating, indicating additional bullish sentiment from Wall Street.
• Positive Sentiment: The quarterly dividend provides income support. Patterson-UTI declared a $0.10-per-share quarterly dividend, or $0.40 annualized, representing an approximately 3.2% yield at the referenced price. The dividend is payable December 15 to shareholders of record December 1.
• Neutral Sentiment: Profitability remains modest. Despite the earnings beat, the company reported a negative net margin of 0.52% and negative return on equity of 0.58%, underscoring that sustained improvement in drilling activity and margins remains important.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.

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