Weiss Ratings Reaffirms "Sell (D)" Rating for Patterson-UTI Energy (NASDAQ:PTEN)

Key Points

• Weiss Ratings has reissued a "Sell (D)" rating for Patterson-UTI Energy (NASDAQ:PTEN), indicating a negative outlook on the stock.
• Other analysts have varied opinions: while Stifel Nicolaus set a "Buy" rating, Barclays and Royal Bank Of Canada have reduced their price targets, reflecting mixed sentiments in the market.
• Patterson-UTI Energy recently missed earnings expectations, reporting a loss of ($0.06) EPS, which was below the consensus estimate of ($0.04).

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report)'s stock had its "sell (d)" rating reissued by analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Other analysts have also recently issued reports about the stock. Stifel Nicolaus reduced their price objective on shares of 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. Barclays lowered their target price on shares of Patterson-UTI Energy from $8.00 to $7.00 and set an "overweight" rating for the company in a report on Tuesday, July 29th. Zacks Research upgraded shares of Patterson-UTI Energy from a "strong sell" rating to a "hold" rating in a report on Thursday, September 25th. Piper Sandler began coverage on shares of Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 price objective for the company. Finally, Royal Bank Of Canada reduced their price target on shares of Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating for the company in a report on Friday, July 25th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $7.90.

Patterson-UTI Energy Trading Down 0.5%

Shares of NASDAQ PTEN opened at $5.90 on Wednesday. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $9.57. The stock has a market cap of $2.27 billion, a P/E ratio of -2.14 and a beta of 1.23. The firm has a 50-day moving average of $5.56 and a 200 day moving average of $5.99. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.73 and a quick ratio of 1.50.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PTEN. Sequoia Financial Advisors LLC boosted its holdings in shares of Patterson-UTI Energy by 14.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 36,561 shares of the oil and gas company's stock valued at $301,000 after buying an additional 4,691 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its position in Patterson-UTI Energy by 199.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 62,188 shares of the oil and gas company's stock worth $511,000 after buying an additional 41,418 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Patterson-UTI Energy by 729.8% during the 1st quarter. Teacher Retirement System of Texas now owns 133,011 shares of the oil and gas company's stock worth $1,093,000 after purchasing an additional 116,982 shares during the period. CWM LLC grew its stake in shares of Patterson-UTI Energy by 587.5% during the 1st quarter. CWM LLC now owns 75,341 shares of the oil and gas company's stock worth $619,000 after purchasing an additional 64,383 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of Patterson-UTI Energy by 102.8% during the 1st quarter. GAMMA Investing LLC now owns 13,592 shares of the oil and gas company's stock worth $112,000 after purchasing an additional 6,891 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, 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.