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 reduced by research analysts at Stifel Nicolaus from $13.00 to $12.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the oil and gas company's stock. Stifel Nicolaus' price objective indicates a potential upside of 102.02% from the company's previous close.

PTEN has been the subject of several other reports. JPMorgan Chase & Co. dropped their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Barclays dropped their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Susquehanna dropped their price objective on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research note on Wednesday, June 4th. Morgan Stanley dropped their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research note on Friday, May 16th. Finally, Piper Sandler started coverage on Patterson-UTI Energy in a research report on Tuesday. They set a "neutral" rating and a $7.00 price target for the company. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Hold" and an average target price of $8.77.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded down $0.09 during trading hours on Wednesday, reaching $5.94. The stock had a trading volume of 7,550,679 shares, compared to its average volume of 10,165,139. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of -2.28 and a beta of 1.32. The company has a current ratio of 1.61, a quick ratio of 1.40 and a debt-to-equity ratio of 0.36. Patterson-UTI Energy has a fifty-two week low of $5.12 and a fifty-two week high of $11.07. The firm has a 50-day moving average of $6.06 and a 200-day moving average of $7.09.

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

Insider Activity

In related news, Director James Carl Stewart sold 5,500 shares of the business'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 directly owned 999,754 shares of the company's stock, valued at $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently made changes to their positions in the stock. Sequoia Financial Advisors LLC grew its holdings in Patterson-UTI Energy by 14.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock worth $301,000 after buying an additional 4,691 shares in the last quarter. Northern Trust Corp boosted 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 boosted 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 boosted 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 bought a new position in Patterson-UTI Energy during the 4th quarter valued at $3,717,000. 97.91% of the stock is owned by 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.