Susquehanna Issues Pessimistic Forecast for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Key Points

• Susquehanna has reduced its price target for Patterson-UTI Energy from $8.00 to $7.00, while maintaining a "positive" rating, indicating potential upside of 21.91% from the current price.
• Several analysts, including Morgan Stanley and JPMorgan Chase, have also lowered their price targets, with a consensus rating of "Hold" and average price target of $8.18.
• Patterson-UTI Energy reported a quarterly loss, missing earnings estimates and showing a revenue decline of 9.6% year-over-year.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective reduced by stock analysts at Susquehanna from $8.00 to $7.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "positive" rating on the oil and gas company's stock. Susquehanna's price target points to a potential upside of 21.91% from the company's current price.

A number of other equities analysts have also weighed in on the company. Morgan Stanley lowered their price objective on Patterson-UTI Energy from $9.00 to $7.00 and set an "equal weight" rating on the stock in a research note on Friday, May 16th. Citigroup reiterated a "neutral" rating and issued a $6.50 price objective on shares of Patterson-UTI Energy in a report on Monday, May 19th. Piper Sandler initiated coverage on 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. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, July 25th. Finally, JPMorgan Chase & Co. lowered their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 28th. Five equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $8.18.

Patterson-UTI Energy Stock Up 0.0%

Shares of PTEN opened at $5.74 on Wednesday. The company has a current ratio of 1.73, a quick ratio of 1.50 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy has a 12 month low of $5.12 and a 12 month high of $9.57. The stock's 50 day moving average is $5.87 and its two-hundred day moving average is $6.42. The firm has a market cap of $2.21 billion, a P/E ratio of -2.06 and a beta of 1.35.

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

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Patterson-UTI Energy during the 4th quarter worth approximately $42,000. EverSource Wealth Advisors LLC lifted its position in Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company's stock worth $51,000 after acquiring an additional 7,171 shares during the period. State of Wyoming acquired a new stake in Patterson-UTI Energy during the 1st quarter worth approximately $54,000. Blue Trust Inc. lifted its position in Patterson-UTI Energy by 42.9% during the 1st quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after acquiring an additional 2,153 shares during the period. Finally, Hudson Bay Capital Management LP acquired a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $62,000. 97.91% of the stock is owned by institutional investors and hedge funds.

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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