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

Key Points

• Citigroup raised its price target on Patterson-UTI Energy from $9.00 to $11.00 and maintained a "neutral" rating, implying roughly a 10.9% upside from the current price.
• Other analysts are mixed but supportive — notably Goldman Sachs raised its target to $11 with a "buy" — while the MarketBeat consensus is a "Hold" with an average target of $9.67 (ratings: 1 Strong Buy, 5 Buy, 5 Hold, 2 Sell).
• Patterson-UTI shares traded near $9.92 (up ~0.4%), have a $3.77B market cap and negative P/E; the company slightly beat quarterly revenue and EPS estimates, insiders have sold stock, and institutional ownership is about 97.9%.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective lifted by research analysts at Citigroup from $9.00 to $11.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the oil and gas company's stock. Citigroup's target price indicates a potential upside of 10.89% from the company's current price.

Several other equities research analysts have also recently issued reports on the company. The Goldman Sachs Group raised their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Wednesday. Zacks Research upgraded Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, April 10th. Bank of America restated a "buy" rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Royal Bank Of Canada raised their price objective on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an "outperform" rating in a report on Friday, February 6th. Finally, Piper Sandler raised their price objective on Patterson-UTI Energy from $9.00 to $10.00 and gave the stock a "neutral" rating in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Patterson-UTI Energy has an average rating of "Hold" and a consensus target price of $9.67.

Patterson-UTI Energy Trading Up 0.4%

Shares of PTEN stock traded up $0.04 during mid-day trading on Wednesday, hitting $9.92. 8,915,368 shares of the company's stock were exchanged, compared to its average volume of 11,259,672. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $11.75. The stock has a 50-day simple moving average of $9.55 and a two-hundred day simple moving average of $7.41. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of -39.68 and a beta of 0.57.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The business had revenue of $1.15 billion for the quarter, compared to analysts' expectations of $1.10 billion. During the same quarter last year, the firm earned ($0.13) earnings per share. The business's revenue was down 1.0% on a year-over-year basis. Equities analysts expect that Patterson-UTI Energy will post -0.1 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of Patterson-UTI Energy stock in a transaction on Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PTEN. Royal Bank of Canada boosted its holdings in Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company's stock valued at $1,397,000 after acquiring an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Patterson-UTI Energy by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company's stock valued at $1,904,000 after acquiring an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company's stock valued at $39,024,000 after acquiring an additional 220,422 shares during the last quarter. United Services Automobile Association acquired a new position in Patterson-UTI Energy in the first quarter valued at $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company's stock valued at $7,106,000 after acquiring an additional 30,217 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company's stock.

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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