Patterson-UTI Energy (NASDAQ:PTEN) Price Target Lowered to $12.00 at Stifel Nicolaus

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective lowered by investment analysts at Stifel Nicolaus from $13.00 to $12.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the oil and gas company's stock. Stifel Nicolaus' price objective points to a potential upside of 102.19% from the company's current price.

A number of other equities research analysts have also recently commented on the stock. Susquehanna cut their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a report on Wednesday, June 4th. Piper Sandler initiated coverage on shares of Patterson-UTI Energy in a research report on Tuesday. They set a "neutral" rating and a $7.00 price objective on the stock. Citigroup restated a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a research report on Monday, May 19th. JPMorgan Chase & Co. lowered 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 report on Wednesday, May 28th. Finally, Barclays lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. 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 company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $8.77.

Patterson-UTI Energy Trading Down 1.6%

Patterson-UTI Energy stock traded down $0.10 during mid-day trading on Wednesday, hitting $5.94. The company's stock had a trading volume of 3,225,327 shares, compared to its average volume of 10,129,711. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.61 and a quick ratio of 1.40. The stock has a market cap of $2.29 billion, a price-to-earnings ratio of -2.28 and a beta of 1.32. The business has a 50 day moving average price of $6.07 and a 200-day moving average price of $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 announced its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.04. The company had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.18 billion. Patterson-UTI Energy had a negative net margin of 19.78% and a negative return on equity of 0.70%. Patterson-UTI Energy's quarterly revenue was down 15.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.15 earnings per share. As a group, analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current year.

Insider Activity at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 5,500 shares of the business's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PTEN. Sequoia Financial Advisors LLC increased its stake in Patterson-UTI Energy by 14.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock valued at $301,000 after purchasing an additional 4,691 shares in the last quarter. Northern Trust Corp increased its stake in Patterson-UTI Energy by 4.1% during the 4th quarter. Northern Trust Corp now owns 4,288,829 shares of the oil and gas company's stock valued at $35,426,000 after purchasing an additional 170,417 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in Patterson-UTI Energy by 199.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company's stock valued at $511,000 after purchasing an additional 41,418 shares in the last quarter. Teacher Retirement System of Texas increased its stake in Patterson-UTI Energy by 729.8% during the 1st quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company's stock valued at $1,093,000 after purchasing an additional 116,982 shares in the last quarter. Finally, Lighthouse Investment Partners LLC acquired a new position in Patterson-UTI Energy during the 4th quarter valued at approximately $3,717,000. Institutional investors own 97.91% of the company's stock.

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.