Patterson-UTI Energy (NASDAQ:PTEN) Given New $14.00 Price Target at Susquehanna

Key Points

• Susquehanna raised its price target on Patterson-UTI Energy to $14.00 from $13.00 and kept a positive rating, implying about 20.4% upside from the current share price.
• The company’s latest earnings beat expectations, posting EPS of -$0.06 versus the expected -$0.10 and revenue of $1.12 billion, though revenue was still down 12.7% year over year.
• Insider selling has been notable, including shares sold by the CEO and a director, while institutional investors continue to hold the vast majority of the stock at 97.91%.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective raised by equities research analysts at Susquehanna from $13.00 to $14.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "positive" rating on the oil and gas company's stock. Susquehanna's price objective suggests a potential upside of 20.43% from the company's current price.

Other equities research analysts also recently issued reports about the company. Morgan Stanley boosted their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 15th. Piper Sandler raised their price objective on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Royal Bank Of Canada upped their target price on shares of Patterson-UTI Energy from $12.00 to $14.00 and gave the company an "outperform" rating in a report on Friday, April 24th. Stifel Nicolaus increased their price target on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Finally, Capital One Financial upgraded shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price target on the stock in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $11.90.

Patterson-UTI Energy Stock Performance

Shares of PTEN traded down $0.50 during mid-day trading on Wednesday, hitting $11.63. 1,394,597 shares of the company traded hands, compared to its average volume of 10,458,683. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The stock has a 50-day moving average price of $11.20 and a two-hundred day moving average price of $8.54. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $13.08. The stock has a market cap of $4.41 billion, a price-to-earnings ratio of -37.50 and a beta of 0.64.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The company had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. The company's quarterly revenue was down 12.7% compared to the same quarter last year. Equities analysts anticipate that Patterson-UTI Energy will post -0.19 earnings per share for the current year.

Insider Activity at Patterson-UTI Energy

In related news, Director Cesar Jaime sold 10,000 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the director owned 77,462 shares in the company, valued at approximately $952,007.98. This represents a 11.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the transaction, the chief executive officer directly owned 2,823,103 shares of the company's stock, valued at $33,453,770.55. The trade was a 8.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 808,949 shares of company stock valued at $9,387,035. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP boosted its stake in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock valued at $26,000 after buying an additional 3,862 shares during the last quarter. First Horizon Corp raised its holdings in shares of Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock worth $34,000 after acquiring an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock valued at $40,000 after acquiring an additional 4,299 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at approximately $37,000. Finally, Torren Management LLC purchased a new position in shares of Patterson-UTI Energy in the fourth quarter valued at $44,000. Institutional investors own 97.91% of the company's stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company's core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.

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