Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Target Raised at Piper Sandler

Key Points

• Piper Sandler raised Patterson-UTI Energy’s price target from $14 to $15 and maintained an “overweight” rating, implying approximately 27.27% upside from the stock’s $11.79 opening price.
• Analyst sentiment is broadly positive: nine analysts rate PTEN a Buy and six rate it a Hold, producing a “Moderate Buy” consensus rating and an average price target of $14.09.
• Patterson-UTI reported quarterly EPS of $0.07, beating estimates of $0.04, while revenue reached $1.34 billion and increased 14.1% year over year. However, insiders sold more than 1 million shares worth about $12.7 million over the past 90 days.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its target price raised by research analysts at Piper Sandler from $14.00 to $15.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an "overweight" rating on the oil and gas company's stock. Piper Sandler's target price points to a potential upside of 27.27% from the company's current price.

Other equities analysts also recently issued research reports about the stock. Citigroup cut 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 note on Friday, October 2nd. Zacks Research cut shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 27th. Weiss Ratings upgraded Patterson-UTI Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, October 8th. Susquehanna upped their price objective on Patterson-UTI Energy from $13.00 to $15.00 and gave the stock a "positive" rating in a report on Friday. Finally, Morgan Stanley increased their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Monday. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and an average target price of $14.09.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock opened at $11.79 on Tuesday. Patterson-UTI Energy has a 12-month low of $5.24 and a 12-month high of $13.39. The stock has a market capitalization of $4.50 billion, a P/E ratio of -196.43 and a beta of 0.77. The firm's 50-day moving average is $11.88 and its two-hundred day moving average is $10.54. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates 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 revenue was up 14.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.10) earnings per share. Equities analysts predict that Patterson-UTI Energy will post 0.01 earnings per share for the current year.

Insider Buying and Selling

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the company's stock in a transaction that occurred on Friday, September 18th. The stock was sold at an average price of $11.91, for a total value of $2,977,500.00. Following the transaction, the chief executive officer directly owned 2,042,474 shares of the company's stock, valued at $24,325,865.34. This represents a 10.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the 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 transaction, the director owned 928,773 shares in the company, valued at $11,934,733.05. This trade represents a 17.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 1,027,000 shares of company stock worth $12,698,780 in the last ninety days. 2.20% of the stock is owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC boosted its stake in Patterson-UTI Energy by 6.2% during the first quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company's stock valued at $231,000 after buying an additional 1,255 shares in the last quarter. ProShare Advisors LLC grew its holdings in Patterson-UTI Energy by 2.6% during the third quarter. ProShare Advisors LLC now owns 51,413 shares of the oil and gas company's stock worth $561,000 after acquiring an additional 1,297 shares during the period. Choreo LLC grew its holdings in Patterson-UTI Energy by 2.9% during the third quarter. Choreo LLC now owns 48,047 shares of the oil and gas company's stock worth $525,000 after acquiring an additional 1,333 shares during the period. Farther Finance Advisors LLC raised its position in 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 in the last quarter. Finally, Assetmark Inc. raised its position in Patterson-UTI Energy by 8.1% in the first quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company's stock worth $258,000 after acquiring an additional 1,786 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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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