Patterson-UTI Energy (NASDAQ:PTEN) Upgraded by Capital One Financial to "Overweight" Rating

Key Points

• Capital One Financial upgraded Patterson-UTI Energy (PTEN) from "equal weight" to Overweight and set a $12 price target, implying about a 27.39% upside from the prior close.
• Several analysts have raised targets recently, but MarketBeat's consensus remains mixed—average rating is Hold with an average price target of $9.90.
• PTEN beat quarterly EPS estimates (reported -$0.02 vs. -$0.11) on $1.15B in revenue, trades near $9.42 with a $3.58B market cap, and disclosed an insider sale of 164,775 shares.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) was upgraded by research analysts at Capital One Financial from an "equal weight" rating to an "overweight" rating in a research report issued to clients and investors on Monday. The brokerage presently has a $12.00 price objective on the oil and gas company's stock. Capital One Financial's price objective would suggest a potential upside of 27.39% from the company's previous close.

PTEN has been the subject of a number of other research reports. Susquehanna lifted their target price on Patterson-UTI Energy from $10.00 to $13.00 and gave the company a "positive" rating in a report on Tuesday, April 7th. Morgan Stanley raised their price objective on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an "equal weight" rating in a research report on Wednesday, April 15th. Zacks Research raised shares of Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 10th. The Goldman Sachs Group upped their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a report on Wednesday, April 15th. Finally, Piper Sandler increased their target price on shares of Patterson-UTI Energy from $9.00 to $10.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have given a Hold rating and two have issued 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 $9.90.

Patterson-UTI Energy Price Performance

PTEN opened at $9.42 on Monday. The firm has a 50-day moving average price of $9.65 and a 200-day moving average price of $7.51. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of -37.68 and a beta of 0.57. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $11.75. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The firm's revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.13) EPS. Equities analysts expect that Patterson-UTI Energy will post -0.1 EPS for the current year.

Insider Activity

In other news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the firm's stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 2.40% of the company's stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently bought and sold shares of PTEN. Quarry LP increased its stake in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock valued at $26,000 after buying an additional 3,862 shares during the period. First Horizon Corp boosted its holdings in Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock valued at $34,000 after acquiring an additional 2,049 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Patterson-UTI Energy by 127.3% in the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company's stock valued at $31,000 after acquiring an additional 3,343 shares in the last quarter. Rockefeller Capital Management L.P. increased its position in Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock valued at $40,000 after purchasing an additional 4,299 shares during the period. Finally, Aster Capital Management DIFC Ltd purchased a new position in Patterson-UTI Energy during the 3rd quarter valued at $37,000. Hedge funds and other institutional investors own 97.91% of the company's stock.

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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