Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Expected to Rise, Piper Sandler Analyst Says

Key Points

• Piper Sandler raised its price target on Patterson-UTI Energy from $12 to $13 while keeping a neutral rating, implying about 11% upside from the prior close.
• Several other analysts also turned more positive on the stock, including upgrades and higher targets from Capital One Financial, Royal Bank of Canada, Susquehanna, and KeyCorp. The consensus rating remains Moderate Buy with an average price target of $12.
• The stock was trading down 3.5% at $11.70, even after the company beat quarterly EPS and revenue estimates. Recent insider selling included shares sold by both the director and CEO, while institutional ownership remains very high at 97.91%.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its target price raised by analysts at Piper Sandler from $12.00 to $13.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the oil and gas company's stock. Piper Sandler's target price points to a potential upside of 11.12% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on PTEN. Capital One Financial upgraded shares of Patterson-UTI Energy from an "equal weight" rating to an "overweight" rating and set a $12.00 price target for the company in a research report on Monday, April 20th. Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $12.00 to $14.00 and gave the company an "outperform" rating in a research report on Friday, April 24th. Susquehanna raised their price target on Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a "positive" rating in a research report on Wednesday. KeyCorp upgraded shares of Patterson-UTI Energy to an "overweight" rating in a research note on Wednesday. Finally, Citigroup boosted their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.00.

Patterson-UTI Energy Trading Down 3.5%

Patterson-UTI Energy stock traded down $0.42 during mid-day trading on Wednesday, hitting $11.70. The company's stock had a trading volume of 1,548,860 shares, compared to its average volume of 10,458,683. The firm has a market capitalization of $4.44 billion, a PE ratio of -37.60 and a beta of 0.64. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $13.08. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The stock's fifty day moving average is $11.20 and its two-hundred day moving average is $8.54.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company's revenue for the quarter was down 12.7% on a year-over-year basis. On average, analysts anticipate that Patterson-UTI Energy will post -0.19 EPS for the current year.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $12.04, for a total value of $3,885,295.96. Following the completion of the transaction, the director directly owned 1,190,248 shares in the company, valued at $14,330,585.92. This trade represents a 21.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the business's stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the transaction, the chief executive officer owned 2,823,103 shares in the company, valued at $33,453,770.55. This trade represents a 8.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 808,949 shares of company stock valued at $9,387,035. Insiders own 2.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Tejara Capital Ltd grew its position in Patterson-UTI Energy by 65.1% in the 3rd quarter. Tejara Capital Ltd now owns 554,993 shares of the oil and gas company's stock worth $2,875,000 after purchasing an additional 218,856 shares during the last quarter. Citigroup Inc. increased its stake in Patterson-UTI Energy by 10.3% in the third quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company's stock valued at $7,717,000 after acquiring an additional 139,561 shares during the period. Public Sector Pension Investment Board raised its position in Patterson-UTI Energy by 14.2% in the third quarter. Public Sector Pension Investment Board now owns 1,367,213 shares of the oil and gas company's stock worth $7,082,000 after purchasing an additional 169,816 shares in the last quarter. Magnetar Financial LLC raised its position in Patterson-UTI Energy by 728.4% in the third quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company's stock worth $1,455,000 after purchasing an additional 247,010 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new position in Patterson-UTI Energy during the third quarter worth about $2,206,000. 97.91% of the stock is owned by institutional investors.

About Patterson-UTI Energy

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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