Patterson-UTI Energy (NASDAQ:PTEN) Earns Neutral Rating from Analysts at Piper Sandler

Investment analysts at Piper Sandler initiated coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) in a report issued on Tuesday,Briefing.com Automated Import reports. The firm set a "neutral" rating and a $7.00 price target on the oil and gas company's stock. Piper Sandler's target price points to a potential upside of 14.10% from the company's current price.

Several other research analysts have also issued reports on the company. Citigroup restated a "neutral" rating and issued a $6.50 price target on shares of Patterson-UTI Energy in a research report on Monday, May 19th. The Goldman Sachs Group reduced their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Stifel Nicolaus dropped their price objective on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Morgan Stanley dropped their target price on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a report on Friday, May 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $9.08.

Patterson-UTI Energy Stock Down 2.6%

NASDAQ:PTEN traded down $0.17 during trading hours on Tuesday, hitting $6.14. 234,542 shares of the company's stock traded hands, compared to its average volume of 10,118,465. The firm has a market cap of $2.37 billion, a P/E ratio of -2.37 and a beta of 1.32. Patterson-UTI Energy has a twelve month low of $5.12 and a twelve month high of $11.27. 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 stock's fifty day moving average price is $6.03 and its two-hundred day moving average price is $7.16.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued 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. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The business had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same quarter in the prior year, the firm posted $0.15 EPS. The firm's revenue for the quarter was down 15.2% on a year-over-year basis. On average, research analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of the company's stock in a transaction dated Friday, May 9th. The shares were sold at an average price of $5.98, for a total value of $32,890.00. Following the transaction, the director owned 999,754 shares in the company, valued at $5,978,528.92. The trade was a 0.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Atria Investments Inc increased its holdings in shares of 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 purchasing an additional 1,252 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $263,000. Raymond James Financial Inc. bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $5,755,000. PNC Financial Services Group Inc. lifted its position in Patterson-UTI Energy by 62.2% in the fourth quarter. PNC Financial Services Group Inc. now owns 36,094 shares of the oil and gas company's stock worth $298,000 after buying an additional 13,837 shares during the last quarter. Finally, AlphaQuest LLC boosted its stake in Patterson-UTI Energy by 2,113.5% during the fourth quarter. AlphaQuest LLC now owns 15,849 shares of the oil and gas company's stock worth $131,000 after buying an additional 15,133 shares during the period. 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.

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