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Patterson-UTI Energy (NASDAQ:PTEN) SVP Kenneth N. Berns unloaded 85,000 shares of the company’s stock on the open market in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $33.62, for a total transaction of $2,857,700.00. Following the transaction, the senior vice president now directly owns 267,241 shares of the company’s stock, valued at approximately $8,984,642. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

A number of research firms have recently commented on PTEN. Analysts at Wunderlich raised their price target on shares of Patterson-UTI Energy from $29.00 to $34.00 in a research note on Monday. They now have a “hold” rating on the stock. Separately, analysts at Cowen and Company raised their price target on shares of Patterson-UTI Energy from $29.00 to $34.00 in a research note on Monday, April 28th. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Friday, April 25th. They now have a $37.00 price target on the stock. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Patterson-UTI Energy presently has an average rating of “Buy” and a consensus target price of $31.84.

Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded up 1.92% on Thursday, hitting $33.93. 2,503,289 shares of the company’s stock traded hands. Patterson-UTI Energy has a 52-week low of $18.83 and a 52-week high of $34.25. The stock has a 50-day moving average of $32.81 and a 200-day moving average of $28.91. The company has a market cap of $4.861 billion and a P/E ratio of 29.23.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, April 24th. The company reported $0.24 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.25 by $0.01. The company had revenue of $678.00 million for the quarter, compared to the consensus estimate of $679.52 million. During the same quarter last year, the company posted $0.38 earnings per share. Patterson-UTI Energy’s revenue was up 1.7% compared to the same quarter last year. On average, analysts predict that Patterson-UTI Energy will post $1.42 earnings per share for the current fiscal year.

Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.

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