Susquehanna Issues Positive Forecast for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Key Points

• Susquehanna raised Patterson-UTI Energy’s price target from $13 to $15 while maintaining a positive rating, implying 18.2% upside from the prior close.
• Analyst sentiment is broadly favorable, with nine Buy ratings and six Holds; MarketBeat assigns the stock a “Moderate Buy” consensus rating and a $13.32 average price target.
• Patterson-UTI reported quarterly EPS of $0.07, exceeding estimates of $0.04, while revenue reached $1.34 billion, up 14.1% year over year and above expectations.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective upped by Susquehanna from $13.00 to $15.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a "positive" rating on the oil and gas company's stock. Susquehanna's price target indicates a potential upside of 18.20% from the company's previous close.

A number of other research firms have also weighed in on PTEN. UBS Group initiated coverage on shares of Patterson-UTI Energy in a report on Friday, October 2nd. They set a "neutral" rating and a $13.00 target price on the stock. Weiss Ratings raised shares of Patterson-UTI Energy from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. 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. Finally, JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 price objective on the stock in a research note on Friday, July 31st. Nine 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, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and an average price target of $13.32.

Patterson-UTI Energy Stock Up 0.7%

PTEN stock opened at $12.69 on Friday. The stock has a market capitalization of $4.84 billion, a P/E ratio of -211.50 and a beta of 0.77. The company has a current ratio of 1.75, a quick ratio of 1.57 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 firm has a 50-day moving average price of $11.87 and a 200-day moving average price of $10.48.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.04 by $0.03. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The business had revenue of $1.34 billion during the quarter, compared to analysts' expectations of $1.31 billion. During the same period in the prior year, the company earned ($0.10) EPS. The firm's quarterly revenue was up 14.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Patterson-UTI Energy will post 0.01 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the business'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 transaction, the director owned 928,773 shares in the company, 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 Securities & Exchange Commission, which is available at the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the business's stock in a transaction on Friday, September 18th. The shares were sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the transaction, the chief executive officer owned 2,042,474 shares in the company, valued at $24,325,865.34. The trade was a 10.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 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

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Patterson-UTI Energy in the 2nd quarter valued at about $32,000. Reyes Financial Architecture Inc. bought a new position in Patterson-UTI Energy in the third quarter worth approximately $60,000. Farther Finance Advisors LLC boosted its holdings 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. Nykredit A S bought a new position in Patterson-UTI Energy in the second quarter worth approximately $56,000. Finally, Rockefeller Capital Management L.P. grew 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 period. Institutional investors own 97.91% of the company's stock.

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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