Barclays Has Lowered Expectations for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Key Points

• Barclays has lowered the price target for Patterson-UTI Energy from $8.00 to $7.00, maintaining an "overweight" rating, indicating a potential upside of 14.47% from its current price.
• Recent trading data shows Patterson-UTI Energy stock price decreased by 2% to $6.12, with a market cap of $2.36 billion, and financial results indicate a drop in revenue by 9.6% compared to the previous year.
• A consensus rating for Patterson-UTI Energy stands at "Hold" with an average price target of $8.27, with a mix of buy, hold, and sell ratings from various analysts.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price target cut by equities research analysts at Barclays from $8.00 to $7.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the oil and gas company's stock. Barclays's price objective indicates a potential upside of 26.45% from the company's current price.

PTEN has been the subject of several other research reports. Susquehanna reduced their price target on shares of Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research report on Wednesday, June 4th. Morgan Stanley reduced their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating for the company in a research report on Friday, May 16th. The Goldman Sachs Group reduced their price target on shares of 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. Piper Sandler began coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target for the company. Finally, Royal Bank Of Canada reduced their price target on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a research report on Friday, July 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $8.27.

Patterson-UTI Energy Price Performance

PTEN stock traded down $0.37 on Tuesday, hitting $5.54. 1,358,177 shares of the company's stock traded hands, compared to its average volume of 11,720,761. Patterson-UTI Energy has a 1-year low of $5.12 and a 1-year high of $9.99. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -2.00 and a beta of 1.32. The stock has a fifty day moving average of $6.07 and a 200-day moving average of $6.95. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.02). Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.24 billion. During the same period in the prior year, the company earned $0.03 earnings per share. The firm's revenue for the quarter was down 9.6% on a year-over-year basis. On average, analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current fiscal year.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 5,500 shares of the stock in a transaction that occurred on Friday, May 9th. The shares were 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PTEN. HighTower Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 44.0% during the 4th quarter. HighTower Advisors LLC now owns 18,832 shares of the oil and gas company's stock valued at $156,000 after purchasing an additional 5,753 shares in the last quarter. Teacher Retirement System of Texas bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at $132,000. KLP Kapitalforvaltning AS bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at $625,000. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Patterson-UTI Energy by 1,443.0% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 3,218 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at $52,817,000. 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.