Patterson-UTI Energy Given “Neutral” Rating at Zacks (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN)‘s stock had its “neutral” rating reaffirmed by Zacks in a report released on Wednesday. They currently have a $35.00 price target on the stock. Zacks‘s target price would indicate a potential upside of 5.96% from the company’s current price.
Zacks’ analyst wrote, “We are maintaining our Neutral recommendation on Patterson-UTI Energy shares, reflecting this onshore contract dealer’s balanced outlook. Buoyed by Patterson-UTI’s growing premium land rig fleet and the expected demand growth for such services we think that the current valuation is fair and adequately reflects its growth prospects. However, we remain wary of increased operating expenses that may lead to slower margin growth going forward. Finally, Patterson-UTI is faced with volatile natural gas fundamentals, which are expected to limit its ability to generate positive earnings surprises.”
Other equities research analysts have also recently issued reports about the stock. 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, June 9th. 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. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $31.97.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded up 3.03% during mid-day trading on Wednesday, hitting $34.05. The stock had a trading volume of 938,339 shares. Patterson-UTI Energy has a one year low of $18.83 and a one year high of $35.42. The stock has a 50-day moving average of $33.19 and a 200-day moving average of $29.52. The company has a market cap of $4.878 billion and a price-to-earnings ratio of 29.02.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 24th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the 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 in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts expect that Patterson-UTI Energy will post $1.42 EPS for the current fiscal year.
In other Patterson-UTI Energy news, SVP Kenneth N. Berns sold 85,000 shares of the 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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