Royal Bank Of Canada Raises Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $15.00

Key Points

• Royal Bank of Canada raised its price target on Patterson-UTI Energy from $14 to $15 and kept an outperform rating, implying about 34.7% upside from the current share price.
• The stock was down 1.5% on Friday to $11.14, even after the company beat earnings estimates for the quarter with EPS of -$0.06 versus expectations of -$0.10 and revenue of $1.12 billion.
• Insider activity has been notable, with CEO William Andrew Hendricks Jr. and Director Cesar Jaime both selling shares recently; insiders sold 808,949 shares worth about $9.4 million over the last 90 days.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective upped by stock analysts at Royal Bank Of Canada from $14.00 to $15.00 in a report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the oil and gas company's stock. Royal Bank Of Canada's price objective indicates a potential upside of 34.71% from the company's current price.

A number of other research analysts have also recently commented on the company. Susquehanna boosted their price objective on Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a "positive" rating in a research note on Wednesday. Bank of America restated a "buy" rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. The Goldman Sachs Group boosted their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "buy" rating in a research note on Wednesday, April 15th. Citigroup boosted their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 15th. Finally, Piper Sandler lifted their target price on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a "neutral" rating in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $12.10.

Patterson-UTI Energy Trading Down 1.5%

Patterson-UTI Energy stock traded down $0.17 during midday trading on Friday, reaching $11.14. The stock had a trading volume of 2,348,674 shares, compared to its average volume of 10,410,270. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $13.08. The stock has a market capitalization of $4.23 billion, a PE ratio of -35.95 and a beta of 0.64. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The stock's 50-day simple moving average is $11.24 and its 200 day simple moving average is $8.61.

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

Insider Buying and Selling at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was 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 directly owned 2,823,103 shares of the company's stock, valued at $33,453,770.55. This represents a 8.14% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares of the company's stock, valued at $952,007.98. This trade represents a 11.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 808,949 shares of company stock worth $9,387,035 over the last ninety days. Company insiders own 2.20% of the company's stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Dimensional Fund Advisors LP raised its stake in Patterson-UTI Energy by 14.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company's stock valued at $229,732,000 after purchasing an additional 2,745,872 shares during the period. American Century Companies Inc. raised its stake in Patterson-UTI Energy by 7.9% during the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company's stock valued at $80,804,000 after purchasing an additional 1,135,704 shares during the period. State Street Corp raised its stake in Patterson-UTI Energy by 0.5% during the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company's stock valued at $93,270,000 after purchasing an additional 75,560 shares during the period. Sourcerock Group LLC raised its stake in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company's stock valued at $81,856,000 after purchasing an additional 7,205,652 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company's stock valued at $64,517,000 after purchasing an additional 5,551,276 shares during the period. Institutional investors and hedge funds 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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