Zacks Research Downgrades Patterson-UTI Energy (NASDAQ:PTEN) to Hold

Key Points

• Zacks Research downgraded Patterson-UTI Energy to “Hold” from “Strong Buy,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $12.95.
• PTEN opened at $12.43, near its 52-week high of $13.08, with a market capitalization of approximately $4.74 billion and 50-day and 200-day moving averages of $10.30 and $10.46, respectively.
• Insiders sold 420,670 shares worth about $4.88 million over the past quarter, while institutional investors and hedge funds own 97.91% of the company.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) was downgraded by stock analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Thursday,Zacks.com reports.

Several other equities research analysts also recently commented on the stock. JPMorgan Chase & Co. upgraded shares of 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. Citigroup dropped their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating for the company in a research note on Monday, June 29th. Piper Sandler reiterated an "overweight" rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Susquehanna boosted their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "positive" rating in a research note on Monday, August 3rd. Finally, Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.95.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $12.43 on Thursday. The stock's 50-day moving average is $10.30 and its 200-day moving average is $10.46. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08. 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 $4.74 billion, a P/E ratio of -54.04 and a beta of 0.63.

Insider Buying and Selling

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the sale, the chief accounting officer directly owned 56,842 shares in the company, valued at approximately $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director James Carl Stewart sold 207,000 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total value of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Insiders sold 420,670 shares of company stock valued at $4,880,957 over the last quarter. Insiders own 2.20% of the company's stock.

Institutional Trading of Patterson-UTI Energy

Several large investors have recently made changes to their positions in PTEN. Lazard Asset Management LLC grew its position in Patterson-UTI Energy by 6.2% in the 1st quarter. Lazard Asset Management LLC now owns 21,339 shares of the oil and gas company's stock valued at $231,000 after purchasing an additional 1,255 shares during the period. O Shaughnessy Asset Management LLC lifted its stake in Patterson-UTI Energy by 11.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company's stock valued at $85,000 after purchasing an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd boosted its holdings in Patterson-UTI Energy by 21.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company's stock worth $53,000 after buying an additional 1,547 shares during the period. Assetmark Inc. boosted its stake in Patterson-UTI Energy by 8.1% in the 1st quarter. Assetmark Inc. now owns 23,797 shares of the oil and gas company's stock worth $258,000 after purchasing an additional 1,786 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company's stock valued at $2,197,000 after acquiring an additional 1,915 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Company Profile

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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