Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $16.00

Key Points

• Barclays raised Patterson-UTI Energy’s price target to $16 from $15 and maintained an “overweight” rating, implying approximately 58.6% upside from the $10.09 opening price.
• Analyst sentiment is generally positive: MarketBeat reports a “Moderate Buy” consensus, with an average price target of $12.95 based on one Strong Buy, nine Buy, four Hold, and one Sell rating.
• Insiders sold $4.2 million worth of shares over the past three months, while institutional investors and hedge funds collectively own 97.91% of Patterson-UTI Energy’s stock.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price target hoisted by equities researchers at Barclays from $15.00 to $16.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an "overweight" rating on the oil and gas company's stock. Barclays's target price indicates a potential upside of 58.57% from the company's current price.

A number of other equities analysts have also recently weighed in on the stock. Piper Sandler raised shares of Patterson-UTI Energy from a "neutral" rating to an "overweight" rating and set a $13.00 price target on the stock in a research report on Tuesday, July 14th. Weiss Ratings restated a "sell (d+)" rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday, May 27th. Zacks Research upgraded Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Wednesday, July 29th. Finally, Capital One Financial raised Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 target price for the company in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $12.95.

Patterson-UTI Energy Stock Down 1.8%

Patterson-UTI Energy stock opened at $10.09 on Wednesday. The company's 50 day simple moving average is $10.25 and its 200 day simple moving average is $9.99. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of -43.87 and a beta of 0.63. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Insider Activity

In other news, CAO Forrest C. Robinson sold 13,670 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the sale, the chief accounting officer owned 56,842 shares of the company's stock, valued at $682,672.42. The trade was a 19.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the firm's stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares of the company's stock, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 363,670 shares of company stock worth $4,212,677 over the last three months. Corporate insiders own 2.20% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Quarry LP raised its stake in shares of 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 worth $26,000 after purchasing an additional 3,862 shares in the last quarter. First Horizon Corp increased its holdings in Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock worth $34,000 after buying an additional 2,049 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock worth $40,000 after acquiring an additional 4,299 shares in the last quarter. Torren Management LLC acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Patterson-UTI Energy by 494.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock valued at $51,000 after acquiring an additional 7,171 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

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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