Patterson-UTI Energy Receives Neutral Rating from Zacks (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Friday, American Banking News reports. They currently have a $27.00 price objective on the stock. Zacks‘ price objective would suggest a potential upside of 4.85% from the company’s current price.
Zacks‘ analyst wrote, “We are maintaining our Neutral recommendation on Patterson-UTI Energy shares, reflecting the onshore contract dealer’s balanced outlook. Buoyed by Patterson-UTI’s growing premium land rig fleet and the expected demand uptick for such services we think that the current valuation is fair and adequately reflects the company’s future growth prospects. However, we remain wary of increased labor costs for contract drilling that may lead to slower margin growth going forward. Lastly, Patterson-UTI is faced with volatile natural gas fundamentals, which are expected to further limit its ability to generate positive earnings surprises.”
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital upgraded shares of Patterson-UTI Energy from a “sector perform” rating to an “outperform” rating in a research note to investors on Wednesday, January 8th. They now have a $29.00 price target on the stock, up previously from $25.00. Separately, analysts at Guggenheim downgraded shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note to investors on Monday, January 6th. Finally, analysts at ISI Group upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “strong-buy” rating in a research note to investors on Friday, November 8th. Twelve equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. Patterson-UTI Energy has a consensus rating of “Buy” and an average target price of $25.53.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded down 1.91% on Friday, hitting $25.2573. 1,227,886 shares of the company’s stock traded hands. Patterson-UTI Energy has a one year low of $18.83 and a one year high of $26.09. The stock’s 50-day moving average is $24.83 and its 200-day moving average is $22.57. The company has a market cap of $3.604 billion and a price-to-earnings ratio of 16.54.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
To view Zacks’ full report, visit www.zacks.com
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.