Citigroup Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $10.50

Key Points

• Citigroup cut Patterson-UTI Energy’s price target from $11.00 to $10.50 while keeping a neutral rating, implying about 10.7% upside from the prior close.
• The stock was down 1.1% to $9.49 on Monday; PTEN has ranged from a 52-week low of $5.10 to a high of $13.08.
• Recent quarterly results showed EPS of -$0.06, beating estimates, and revenue of $1.12 billion, though sales were 12.7% lower year over year.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its target price reduced by equities researchers at Citigroup from $11.00 to $10.50 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "neutral" rating on the oil and gas company's stock. Citigroup's price target indicates a potential upside of 10.68% from the company's previous close.

A number of other equities analysts have also weighed in on PTEN. Zacks Research lowered shares of Patterson-UTI Energy from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 15th. Bank of America restated a "buy" rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Barclays upgraded shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $10.00 to $15.00 in a report on Thursday, May 7th. KeyCorp raised shares of Patterson-UTI Energy to an "overweight" rating in a research report on Wednesday, May 27th. Finally, Piper Sandler increased their price objective on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 27th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $12.35.

Patterson-UTI Energy Trading Down 1.1%

NASDAQ:PTEN traded down $0.10 on Monday, reaching $9.49. The company's stock had a trading volume of 1,196,807 shares, compared to its average volume of 10,304,538. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08. The business's 50-day moving average price is $11.35 and its two-hundred day moving average price is $9.35. The firm has a market cap of $3.60 billion, a PE ratio of -30.58 and a beta of 0.61. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating 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 business had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. The business's revenue for the quarter was down 12.7% compared to the same quarter last year. Equities research analysts anticipate that Patterson-UTI Energy will post -0.14 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Cesar Jaime sold 10,000 shares of the business's stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the sale, the director owned 77,462 shares in the company, valued at $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the company's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $12.04, for a total value of $3,885,295.96. Following the completion of the transaction, the director directly owned 1,190,248 shares in the company, valued at $14,330,585.92. The trade was a 21.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,007,844 shares of company stock worth $11,922,302 in the last 90 days. Corporate insiders own 2.20% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quarry LP boosted its holdings in Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 3,862 shares during the period. First Horizon Corp raised its position in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock valued at $34,000 after buying an additional 2,049 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Patterson-UTI Energy in the third quarter valued at approximately $37,000. Rockefeller Capital Management L.P. grew its position in Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock worth $40,000 after buying an additional 4,299 shares in the last quarter. Finally, Torren Management LLC acquired a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $44,000. 97.91% of the stock is owned by institutional investors and hedge funds.

About Patterson-UTI Energy

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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