Patterson-UTI Energy (NASDAQ:PTEN) Coverage Initiated by Analysts at Piper Sandler

Research analysts at Piper Sandler began coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) in a report issued on Tuesday, Marketbeat Ratings reports. The firm set a "neutral" rating and a $7.00 price target on the oil and gas company's stock. Piper Sandler's price target suggests a potential upside of 17.85% from the stock's current price.

PTEN has been the topic of a number of other reports. Susquehanna cut their price target on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a report on Wednesday, June 4th. Morgan Stanley cut their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. The Goldman Sachs Group cut their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. JPMorgan Chase & Co. lowered their price target on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 28th. Finally, Citigroup reissued a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $8.77.

Patterson-UTI Energy Trading Down 1.5%

Shares of NASDAQ:PTEN traded down $0.09 during midday trading on Tuesday, hitting $5.94. 7,547,263 shares of the stock were exchanged, compared to its average volume of 10,146,523. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of -2.28 and a beta of 1.32. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.40 and a current ratio of 1.61. The business's 50-day moving average price is $6.07 and its 200 day moving average price is $7.12. Patterson-UTI Energy has a 12 month low of $5.12 and a 12 month high of $11.11.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.04. The company had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a negative net margin of 19.78% and a negative return on equity of 0.70%. The company's quarterly revenue was down 15.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.15 EPS. Analysts predict that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Insider Activity

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the sale, the director owned 999,754 shares in the company, valued at $5,978,528.92. This represents a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 2.40% of the stock is currently owned by insiders.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Atria Investments Inc increased its position in Patterson-UTI Energy by 3.7% in the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company's stock worth $288,000 after buying an additional 1,252 shares in the last quarter. Avantax Advisory Services Inc. increased its position in Patterson-UTI Energy by 10.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company's stock worth $130,000 after buying an additional 1,436 shares in the last quarter. Summit Investment Advisors Inc. increased its position in Patterson-UTI Energy by 4.1% in the fourth quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company's stock worth $336,000 after buying an additional 1,596 shares in the last quarter. GAMMA Investing LLC increased its position in Patterson-UTI Energy by 11.9% in the second quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company's stock worth $90,000 after buying an additional 1,615 shares in the last quarter. Finally, Gallagher Fiduciary Advisors LLC grew its position in shares of Patterson-UTI Energy by 13.2% during the fourth quarter. Gallagher Fiduciary Advisors LLC now owns 14,856 shares of the oil and gas company's stock worth $123,000 after purchasing an additional 1,731 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.