The Goldman Sachs Group Issues Positive Forecast for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Key Points

• Goldman Sachs raised its price target on Patterson-UTI to $11 (from $9) and maintained a "buy" rating, implying roughly a 9.6% upside from the stock's previous close.
• Analyst coverage is mixed — one Strong Buy, five Buy, five Hold and two Sell — resulting in an average rating of Hold and a consensus price target of $9.44.
• Patterson-UTI beat estimates in the most recent quarter with EPS of -$0.02 (vs. -$0.11) and $1.15B in revenue, but the company remains unprofitable (negative net margin and a -40.1 PE) while shares traded around $10.04.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price objective increased by research analysts at The Goldman Sachs Group from $9.00 to $11.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the oil and gas company's stock. The Goldman Sachs Group's target price suggests a potential upside of 9.62% from the stock's previous close.

PTEN has been the subject of several other research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Morgan Stanley increased their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an "equal weight" rating in a research note on Wednesday. Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an "outperform" rating in a report on Friday, February 6th. Bank of America reissued a "buy" rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Finally, Zacks Research raised Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, April 10th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $9.44.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded up $0.16 on Wednesday, hitting $10.04. 4,167,496 shares of the stock were exchanged, compared to its average volume of 11,223,053. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $3.81 billion, a PE ratio of -40.10 and a beta of 0.57. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $11.75. The firm's 50 day moving average is $9.55 and its two-hundred day moving average is $7.41.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.09. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.13) EPS. Sell-side analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy 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 value of $1,677,409.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.

Institutional Trading of Patterson-UTI Energy

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

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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