Patterson-UTI Energy (NASDAQ:PTEN) Receives "Equal Weight" Rating from Barclays

Key Points

• Patterson-UTI Energy's stock received an "equal weight" rating from Barclays, accompanied by a reduced target price of $6.00, down from $7.00, suggesting a potential upside of 11.73%.
• Other analysts have varied opinions; Stifel Nicolaus set a buy rating with a target of $10.00, while Weiss Ratings reiterated a sell rating.
• As of the latest reports, Patterson-UTI Energy has a debt-to-equity ratio of 0.37 and a market cap of $2.07 billion, reflecting its financial standing in the oil and gas sector.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report)'s stock had its "equal weight" rating reissued by investment analysts at Barclays in a research report issued on Monday,Benzinga reports. They presently have a $6.00 target price on the oil and gas company's stock, down from their prior target price of $7.00. Barclays's price target would suggest a potential upside of 11.73% from the company's previous close.

PTEN has been the topic of a number of other research reports. 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. Piper Sandler assumed 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. Weiss Ratings reiterated a "sell (d)" rating on shares of Patterson-UTI Energy in a research note on Wednesday, October 8th. Zacks Research raised Patterson-UTI Energy from a "strong sell" rating to a "hold" rating in a research note on Thursday, September 25th. Finally, Royal Bank Of Canada lowered their price target on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a research report on Friday, July 25th. Three research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $7.80.

Patterson-UTI Energy Price Performance

Shares of PTEN stock opened at $5.37 on Monday. 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 has a market cap of $2.07 billion, a P/E ratio of -1.95 and a beta of 1.23. The business's 50 day moving average price is $5.55 and its 200-day moving average price is $5.91.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The company had revenue of $191.70 million for the quarter. On average, equities research analysts anticipate that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Sequoia Financial Advisors LLC lifted its holdings in Patterson-UTI Energy by 14.7% in the first quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock valued at $301,000 after acquiring an additional 4,691 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Patterson-UTI Energy by 199.4% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company's stock worth $511,000 after purchasing an additional 41,418 shares during the period. Teacher Retirement System of Texas boosted its holdings in shares of Patterson-UTI Energy by 729.8% in the first quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company's stock worth $1,093,000 after buying an additional 116,982 shares during the last quarter. CWM LLC grew its position in Patterson-UTI Energy by 587.5% during the first quarter. CWM LLC now owns 75,341 shares of the oil and gas company's stock valued at $619,000 after buying an additional 64,383 shares during the period. Finally, GAMMA Investing LLC increased its holdings in Patterson-UTI Energy by 102.8% during the first quarter. GAMMA Investing LLC now owns 13,592 shares of the oil and gas company's stock valued at $112,000 after buying an additional 6,891 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

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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