Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $8.00

Key Points

• Royal Bank of Canada has raised the price target for Patterson-UTI Energy from $7.00 to $8.00, indicating a potential upside of 18.96% based on the company's current stock price.
• While the consensus rating for Patterson-UTI Energy is "Hold", three analysts rated it as a Buy, nine gave it a Hold, and one analyst assigned a Sell rating.
• Patterson-UTI Energy's stock recently traded down 0.5% to $6.73, with a market capitalization of $2.59 billion.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its target price hoisted by research analysts at Royal Bank Of Canada from $7.00 to $8.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the oil and gas company's stock. Royal Bank Of Canada's price objective suggests a potential upside of 18.96% from the company's current price.

A number of other research analysts also recently weighed in on PTEN. Susquehanna cut their price target on Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating on the stock in a research note on Wednesday, September 3rd. Piper Sandler started coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price target on the stock. Barclays reissued an "equal weight" rating and issued a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Zacks Research upgraded shares of Patterson-UTI Energy from a "strong sell" rating to a "hold" rating in a research report on Thursday, September 25th. Finally, Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, July 25th. Three equities research analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $7.75.

Patterson-UTI Energy Trading Down 0.5%

Patterson-UTI Energy stock traded down $0.04 during trading hours on Friday, reaching $6.73. 2,322,789 shares of the company's stock traded hands, compared to its average volume of 10,783,885. The firm has a market capitalization of $2.59 billion, a price-to-earnings ratio of -18.69 and a beta of 1.23. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $9.57. The firm's 50 day moving average is $5.62 and its 200-day moving average is $5.84.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. Patterson-UTI Energy had a negative return on equity of 2.62% and a negative net margin of 2.81%.The business had revenue of $191.70 million for the quarter. On average, analysts predict that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Institutional Trading of Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the stock. State of Wyoming bought a new position in shares of Patterson-UTI Energy during the 1st quarter worth approximately $54,000. Blue Trust Inc. lifted its holdings in shares of Patterson-UTI Energy by 42.9% in the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after purchasing an additional 2,153 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Patterson-UTI Energy by 41.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock valued at $65,000 after buying an additional 2,323 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in 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 buying an additional 7,171 shares during the last quarter. Finally, Hodges Capital Management Inc. purchased a new stake in Patterson-UTI Energy in the 1st quarter valued at $82,000. 97.91% of the stock is currently owned by institutional investors.

About Patterson-UTI Energy

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.

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