Patterson-UTI Energy Upgraded to “Neutral” at Guggenheim (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by equities researchers at Guggenheim from a “sell” rating to a “neutral” rating in a research report issued on Wednesday, TheFlyOnTheWall.com reports.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 35.34 on Wednesday. Patterson-UTI Energy has a one year low of $18.83 and a one year high of $35.63. The stock has a 50-day moving average of $33.45 and a 200-day moving average of $29.97. The company has a market cap of $5.063 billion and a price-to-earnings ratio of 30.68.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.24 EPS for the quarter, missing the Thomson Reuters 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 prior year, the company posted $0.38 earnings per share. The company’s quarterly revenue 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, Director Cloyce A. Talbott sold 400,000 shares of the stock in a transaction dated Friday, June 27th. The shares were sold at an average price of $34.49, for a total transaction of $13,796,000.00. The sale was disclosed in a filing with the SEC, which is available at this link.
PTEN has been the subject of a number of other recent research reports. Analysts at Susquehanna raised their price target on shares of Patterson-UTI Energy from $38.00 to $42.00 in a research note on Wednesday. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Patterson-UTI Energy in a research note on Wednesday, June 25th. They now have a $35.00 price target on the stock. Finally, 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. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $33.03.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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