Patterson-UTI Energy (NASDAQ:PTEN) Stock Picked Up by Analysts at UBS Group

Key Points

• UBS Group initiated coverage of Patterson-UTI Energy with a “neutral” rating and a $13.00 price target, implying roughly 16.7% upside from the prior close.
• Analyst sentiment is broadly positive: PTEN has a consensus “Moderate Buy” rating and an average price target of $13.23 from 16 analysts.
• PTEN shares fell 1.4% to $11.14, while insiders sold more than 1 million shares worth approximately $12.7 million over the past quarter; institutional investors own nearly 98% of the stock.

UBS Group began coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) in a note issued to investors on Friday, Marketbeat reports. The firm set a "neutral" rating and a $13.00 price target on the oil and gas company's stock. UBS Group's price target would suggest a potential upside of 16.71% from the stock's previous close.

PTEN has been the topic of several other research reports. Stifel Nicolaus increased their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a "buy" rating in a report on Tuesday, June 16th. Citigroup upped their price target on Patterson-UTI Energy from $10.50 to $13.50 and gave the stock a "neutral" rating in a report on Friday, September 4th. Piper Sandler restated an "overweight" rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price on the stock in a research report on Friday, July 31st. Finally, The Goldman Sachs Group upped their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a "buy" rating in a research report on Thursday, June 4th. Nine equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $13.23.

Patterson-UTI Energy Stock Down 1.4%

Shares of NASDAQ PTEN traded down $0.16 during trading hours on Friday, hitting $11.14. 1,021,608 shares of the stock were exchanged, compared to its average volume of 9,723,343. The firm has a fifty day moving average price of $11.44 and a 200-day moving average price of $11.02. 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 12 month low of $5.24 and a 12 month high of $13.39. The company has a market cap of $4.25 billion, a PE ratio of -48.47 and a beta of 0.77.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Drummond Jr. sold 198,395 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total value of $2,549,375.75. Following the completion of the transaction, the director directly 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO William Hendricks, Jr. sold 250,000 shares of the stock in a transaction dated Friday, September 18th. The stock was sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the sale, the chief executive officer directly owned 2,042,474 shares in the company, valued at $24,325,865.34. This represents a 10.91% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 1,027,000 shares of company stock valued at $12,698,780. Insiders own 2.20% of the company's stock.

Institutional Trading of Patterson-UTI Energy

Large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $577,234,000. Webs Creek Capital Management LP acquired a new stake in Patterson-UTI Energy during the second quarter worth approximately $53,729,934. Bank of America Corp DE purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $52,132,000. Bank of New York Mellon Corp purchased a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $38,766,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Patterson-UTI Energy by 14.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock valued at $229,732,000 after buying an additional 2,745,872 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

Patterson-UTI Energy Company Profile

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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