Patterson-UTI Energy (NASDAQ:PTEN) Price Target Lowered to $14.00 at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its target price cut by Piper Sandler from $17.00 to $14.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the oil and gas company's stock. Piper Sandler's price target suggests a potential upside of 27.62% from the stock's previous close.

Other analysts also recently issued reports about the company. Raymond James reduced their target price on 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 downgraded Patterson-UTI Energy from a "buy" rating to a "hold" rating in a report on Tuesday, January 16th. StockNews.com cut shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Tuesday, April 2nd. Bank of America decreased their price target on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a "buy" rating for the company in a research note on Monday, April 15th. Finally, Royal Bank of Canada reduced their target price on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating for the company in a report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $15.67.

Patterson-UTI Energy Stock Up 2.7 %

NASDAQ PTEN traded up $0.29 during trading on Monday, reaching $10.97. 7,833,979 shares of the company's stock were exchanged, compared to its average volume of 6,639,877. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41. Patterson-UTI Energy has a 1 year low of $9.70 and a 1 year high of $16.17. The stock has a market cap of $4.42 billion, a P/E ratio of 15.71, a price-to-earnings-growth ratio of 1.57 and a beta of 2.23. The company has a 50 day moving average price of $11.63 and a two-hundred day moving average price of $11.46.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. The business had revenue of $1.51 billion during the quarter, compared to the consensus estimate of $1.51 billion. During the same quarter in the previous year, the firm earned $0.46 EPS. On average, equities research analysts anticipate that Patterson-UTI Energy will post 0.59 EPS for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the business's stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. CWM LLC grew its holdings in Patterson-UTI Energy by 28.5% during the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company's stock valued at $48,000 after buying an additional 893 shares during the last quarter. Commerce Bank boosted its stake in shares of Patterson-UTI Energy by 4.7% during the fourth quarter. Commerce Bank now owns 26,298 shares of the oil and gas company's stock valued at $284,000 after acquiring an additional 1,186 shares during the last quarter. Lindbrook Capital LLC increased its position in Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company's stock worth $40,000 after purchasing an additional 1,332 shares in the last quarter. Clarus Group Inc. raised its stake in Patterson-UTI Energy by 3.4% in the 4th quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company's stock valued at $498,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in Patterson-UTI Energy by 1.5% in the 4th quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company's stock valued at $1,074,000 after purchasing an additional 1,506 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

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.