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Patterson-UTI Energy (NASDAQ:PTEN) Upgraded to "Hold" at StockNews.com

Patterson-UTI Energy logo with Oils/Energy background

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) was upgraded by stock analysts at StockNews.com from a "sell" rating to a "hold" rating in a report issued on Thursday.

Other analysts have also recently issued research reports about the stock. Bank of America lowered their target price on shares of 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. Evercore ISI lowered their target price on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an "outperform" rating on the stock in a research note on Friday, May 3rd. Royal Bank of Canada lowered their target price on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating on the stock in a research note on Friday, February 16th. Benchmark reissued a "hold" rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Finally, Piper Sandler lowered their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an "overweight" rating on the stock in a research note on Monday, May 6th. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $15.67.


Read Our Latest Stock Analysis on PTEN

Patterson-UTI Energy Stock Performance

Shares of PTEN traded down $0.34 during trading hours on Thursday, reaching $10.10. 5,754,117 shares of the company traded hands, compared to its average volume of 6,439,827. The stock's fifty day moving average is $11.09 and its 200 day moving average is $11.14. The stock has a market cap of $4.06 billion, a P/E ratio of 14.85 and a beta of 2.18. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.28 and a current ratio of 1.48. Patterson-UTI Energy has a 1-year low of $9.73 and a 1-year high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.02. The business had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same quarter in the prior year, the business earned $0.46 earnings per share. Equities research analysts anticipate that Patterson-UTI Energy will post 0.55 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the sale, the director now directly owns 2,007,895 shares of the company's stock, valued at $23,191,187.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently bought and sold shares of the business. CWM LLC lifted its holdings in Patterson-UTI Energy by 28.5% in the first 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 period. Commerce Bank raised its holdings in Patterson-UTI Energy by 4.7% in the fourth quarter. Commerce Bank now owns 26,298 shares of the oil and gas company's stock worth $284,000 after purchasing an additional 1,186 shares during the period. Lindbrook Capital LLC raised its holdings in Patterson-UTI Energy by 66.5% in the first 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 during the period. Clarus Group Inc. raised its holdings in Patterson-UTI Energy by 3.4% in the fourth quarter. Clarus Group Inc. now owns 46,123 shares of the oil and gas company's stock worth $498,000 after purchasing an additional 1,500 shares during the period. Finally, Arizona State Retirement System raised its holdings in Patterson-UTI Energy by 1.5% in the fourth quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company's stock worth $1,074,000 after purchasing an additional 1,506 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

About Patterson-UTI Energy

(Get Free Report)

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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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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