Patterson-UTI Energy (NASDAQ:PTEN) Rating Increased to Hold at Zacks Research

Key Points

• Patterson-UTI Energy's rating has been upgraded from "strong sell" to "hold" by Zacks Research, indicating a positive shift in analyst sentiment.
• The company has seen several target price adjustments by analysts, with a consensus target price of $7.90 and a mix of "buy" and "hold" ratings across different brokerages.
• Patterson-UTI Energy reported a quarterly earnings loss of $0.06 per share, missing estimates, with revenue decreasing by 9.6% year-over-year.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Thursday,Zacks.com reports.

A number of other brokerages have also issued reports on PTEN. Royal Bank Of Canada decreased their target price on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a research note on Friday, July 25th. Susquehanna decreased their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a "positive" rating for the company in a research note on Wednesday, September 3rd. Piper Sandler assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a "neutral" rating and a $7.00 target price for the company. JPMorgan Chase & Co. cut their price target on shares of Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 28th. Finally, Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Friday, July 25th. Four analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $7.90.

Patterson-UTI Energy Trading Up 1.5%

Shares of NASDAQ:PTEN opened at $5.58 on Thursday. The stock has a market capitalization of $2.15 billion, a price-to-earnings ratio of -2.02 and a beta of 1.35. Patterson-UTI Energy has a 1-year low of $5.12 and a 1-year high of $9.57. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.50 and a current ratio of 1.73. The company has a 50 day moving average price of $5.64 and a 200 day moving average price of $6.12.

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

Hedge Funds Weigh In On Patterson-UTI Energy

A number of large investors have recently modified their holdings of PTEN. State of Wyoming bought a new stake in shares of Patterson-UTI Energy during the first quarter worth approximately $54,000. Blue Trust Inc. raised its stake in shares of Patterson-UTI Energy by 42.9% during the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after buying an additional 2,153 shares during the last quarter. Smartleaf Asset Management LLC raised its stake in shares of Patterson-UTI Energy by 41.0% during the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company's stock worth $65,000 after buying an additional 2,323 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after buying an additional 7,171 shares during the last quarter. Finally, Hodges Capital Management Inc. bought a new stake in shares of Patterson-UTI Energy during the first quarter worth approximately $82,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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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