Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $17.00 at Evercore ISI

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective decreased by stock analysts at Evercore ISI from $18.00 to $17.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an "outperform" rating on the oil and gas company's stock. Evercore ISI's price target suggests a potential upside of 59.18% from the company's previous close.

A number of other equities research analysts also recently commented on PTEN. Royal Bank of Canada dropped their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating on the stock in a research report on Friday, February 16th. StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Tuesday, April 2nd. Raymond James lowered their target price on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a "strong-buy" rating for the company in a report on Friday, February 16th. Benchmark lowered Patterson-UTI Energy from a "buy" rating to a "hold" rating in a report on Tuesday, January 16th. Finally, Bank of America lowered their target price on Patterson-UTI Energy from $14.50 to $14.00 and set a "buy" rating on the stock in a research note on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $16.08.

Patterson-UTI Energy Trading Up 0.8 %

NASDAQ:PTEN traded up $0.09 on Friday, reaching $10.68. 6,862,023 shares of the company's stock were exchanged, compared to its average volume of 6,625,637. The firm has a market capitalization of $4.31 billion, a price-to-earnings ratio of 15.62, a price-to-earnings-growth ratio of 1.49 and a beta of 2.23. Patterson-UTI Energy has a 52-week low of $9.70 and a 52-week high of $16.17. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The business has a fifty day moving average of $11.65 and a 200-day moving average of $11.52.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.02. The business had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. During the same quarter in the prior year, the company earned $0.46 earnings per share. As a group, analysts expect that Patterson-UTI Energy will post 0.62 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm's stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares of the company's stock, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several hedge funds have recently modified their holdings of PTEN. Capital Advisors Ltd. LLC acquired a new position in Patterson-UTI Energy during the third quarter valued at approximately $25,000. Fortitude Family Office LLC raised its holdings in shares of Patterson-UTI Energy by 320.7% during the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company's stock valued at $25,000 after buying an additional 1,594 shares during the period. CWM LLC boosted its holdings in Patterson-UTI Energy by 40.9% in the 3rd quarter. CWM LLC now owns 2,725 shares of the oil and gas company's stock worth $38,000 after acquiring an additional 791 shares during the period. Parkside Financial Bank & Trust raised its stake in shares of Patterson-UTI Energy by 635.8% during the third quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company's stock valued at $42,000 after purchasing an additional 2,594 shares during the period. Finally, Lindbrook Capital LLC lifted its position in shares of Patterson-UTI Energy by 350.7% during the third quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company's stock worth $45,000 after purchasing an additional 2,539 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.

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