Barclays Forecasts Strong Price Appreciation for Patterson-UTI Energy (NASDAQ:PTEN) Stock

Key Points

• Barclays raised its price target on Patterson-UTI from $8.00 to $10.00 but kept an "equal weight" rating, a target that still implies about a 13.8% downside from the stock's current price.
• Other analysts have lifted targets (e.g., RBC to $14, Piper Sandler to $12, Citi to $11), yet the consensus remains a Hold with a consensus price target of $11.30.
• Shares traded near $11.61 (up ~2.4%) after a quarter that beat EPS estimates slightly but showed revenue down 12.7% year-over-year; institutional ownership is very high at 97.91%.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its target price upped by stock analysts at Barclays from $8.00 to $10.00 in a report issued on Monday,Benzinga reports. The firm presently has an "equal weight" rating on the oil and gas company's stock. Barclays's target price would indicate a potential downside of 13.83% from the company's current price.

Other equities analysts have also issued research reports about the company. Zacks Research raised Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 10th. Royal Bank Of Canada increased their target price on Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an "outperform" rating in a research note on Friday. Piper Sandler increased their target price on Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a "neutral" rating in a research note on Monday. Morgan Stanley increased their target price on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 15th. Finally, Citigroup increased their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $11.30.

Patterson-UTI Energy Trading Up 2.4%

Shares of NASDAQ PTEN traded up $0.28 during mid-day trading on Monday, reaching $11.61. 5,250,589 shares of the company's stock were exchanged, compared to its average volume of 11,262,234. The company's 50-day moving average is $9.88 and its 200-day moving average is $7.68. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $11.75. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The firm has a market capitalization of $4.41 billion, a price-to-earnings ratio of -37.50 and a beta of 0.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. The business's revenue was down 12.7% on a year-over-year basis. Analysts expect that Patterson-UTI Energy will post -0.31 EPS for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the firm's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Dimensional Fund Advisors LP raised its position in shares of Patterson-UTI Energy by 8.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,465,704 shares of the oil and gas company's stock worth $112,825,000 after acquiring an additional 1,465,102 shares in the last quarter. American Century Companies Inc. grew its stake in Patterson-UTI Energy by 7.9% during the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company's stock worth $80,804,000 after buying an additional 1,135,704 shares during the last quarter. State Street Corp grew its stake in Patterson-UTI Energy by 0.5% during the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company's stock worth $93,270,000 after buying an additional 75,560 shares during the last quarter. Sourcerock Group LLC grew its stake in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock worth $81,856,000 after buying an additional 7,205,652 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock worth $64,517,000 after buying an additional 5,551,276 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.