Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $13.00 at Susquehanna

Key Points

• Susquehanna raised Patterson-UTI Energy’s price target to $13 from $12 and maintained a positive rating, implying approximately 26.9% upside from the prior close.
• Analyst sentiment is broadly favorable, with a consensus “Moderate Buy” rating and an average price target of $12.85; several firms recently upgraded or increased their targets.
• PTEN shares fell 2.2% to $10.24, while the company’s latest quarterly results missed the EPS estimate by $0.01 despite revenue of $1.23 billion exceeding expectations.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective upped by research analysts at Susquehanna from $12.00 to $13.00 in a research note issued on Monday,Benzinga reports. The firm currently has a "positive" rating on the oil and gas company's stock. Susquehanna's price objective would suggest a potential upside of 26.89% from the company's previous close.

Several other research firms have also recently weighed in on PTEN. Zacks Research upgraded shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. The Goldman Sachs Group boosted their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a "buy" rating in a report on Thursday, June 4th. Barclays raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. Morgan Stanley increased their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 15th. Finally, Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $12.85.

Patterson-UTI Energy Trading Down 2.2%

Shares of PTEN stock traded down $0.23 on Monday, reaching $10.24. The company had a trading volume of 1,280,605 shares, compared to its average volume of 10,229,536. The stock has a market cap of $3.89 billion, a PE ratio of -44.80 and a beta of 0.63. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The company has a 50-day moving average of $10.33 and a 200-day moving average of $9.94.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its earnings results on Wednesday, July 29th. The oil and gas company reported ($0.05) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Patterson-UTI Energy had a negative return on equity of 1.68% and a negative net margin of 1.92%.The business had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter in the prior year, the firm posted ($0.13) earnings per share. The business's revenue was up .7% on a year-over-year basis. On average, equities analysts forecast that Patterson-UTI Energy will post -0.06 earnings per share for the current year.

Insider Buying and Selling at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the sale, the chief executive officer owned 2,542,474 shares of the company's stock, valued at $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares in the company, valued at approximately $682,672.42. This trade represents a 19.39% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 373,670 shares of company stock valued at $4,335,577 in the last three months. Corporate insiders own 2.20% of the company's stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of the company. Alpine Woods Capital Investors LLC bought a new stake in shares of Patterson-UTI Energy during the 1st quarter worth approximately $243,000. Glenmede Trust Co. NA increased its stake in Patterson-UTI Energy by 199.9% in the first quarter. Glenmede Trust Co. NA now owns 35,637 shares of the oil and gas company's stock valued at $386,000 after acquiring an additional 23,755 shares during the last quarter. Bank of America Corp DE raised its position in Patterson-UTI Energy by 10.9% during the first quarter. Bank of America Corp DE now owns 4,855,166 shares of the oil and gas company's stock valued at $52,581,000 after purchasing an additional 475,623 shares in the last quarter. Amundi raised its position in Patterson-UTI Energy by 646.3% during the first quarter. Amundi now owns 110,955 shares of the oil and gas company's stock valued at $1,202,000 after purchasing an additional 96,088 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in Patterson-UTI Energy by 20.4% during the first quarter. California State Teachers Retirement System now owns 425,281 shares of the oil and gas company's stock worth $4,606,000 after purchasing an additional 72,082 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Company Profile

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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