Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $10.00 at Piper Sandler

Key Points

• Piper Sandler raised its target on Patterson-UTI Energy from $9.00 to $10.00 while maintaining a "neutral" rating, with the new target implying roughly a 0.66% downside from the prior close.
• Analysts are mixed: the consensus rating is Hold with an average target of $8.89 (1 Strong Buy, 5 Buy, 5 Hold, 2 Sell), reflecting divergent views on the stock.
• PTEN traded near $10.07 (market cap ~$3.82B) after reporting quarterly EPS of -$0.02 that beat estimates and revenue of $1.15B, but the company still shows negative margins and is forecast to post about -0.1 EPS for the year.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its target price upped by analysts at Piper Sandler from $9.00 to $10.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the oil and gas company's stock. Piper Sandler's target price points to a potential downside of 0.66% from the stock's previous close.

A number of other brokerages also recently commented on PTEN. Bank of America reaffirmed a "buy" rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Citigroup boosted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Monday, February 9th. Stifel Nicolaus boosted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a research report on Friday, February 6th. Zacks Research raised shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 10th. Finally, Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an "outperform" rating in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $8.89.

Patterson-UTI Energy Price Performance

PTEN stock traded up $0.19 during trading hours on Wednesday, hitting $10.07. 3,416,501 shares of the stock traded hands, compared to its average volume of 11,213,640. The stock has a 50-day simple moving average of $9.55 and a 200 day simple moving average of $7.41. The company has a market cap of $3.82 billion, a P/E ratio of -40.34 and a beta of 0.57. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $11.75. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the business posted ($0.13) earnings per share. The firm's quarterly revenue was down 1.0% compared to the same quarter last year. Equities analysts forecast that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the company's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Large investors have recently bought and sold shares of the stock. Quarry LP raised its stake in Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock valued at $26,000 after purchasing an additional 3,862 shares during the last quarter. First Horizon Corp raised its stake in shares of Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock valued at $34,000 after buying an additional 2,049 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Patterson-UTI Energy by 127.3% in the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company's stock valued at $31,000 after buying an additional 3,343 shares in the last quarter. Rockefeller Capital Management L.P. raised its stake in shares of Patterson-UTI Energy by 187.6% in 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 buying an additional 4,299 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at $37,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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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