Patterson-UTI Energy Price Target Increased to $41.00 by Analysts at Goldman Sachs (PTEN)
Stock analysts at Goldman Sachs raised their price objective on shares of Patterson-UTI Energy (NASDAQ:PTEN) from $39.00 to $41.00 in a report issued on Thursday. The firm currently has a “buy” rating on the stock. Goldman Sachs’ target price suggests a potential upside of 19.22% from the company’s current price.
A number of other firms have also recently commented on PTEN. Analysts at Guggenheim upgraded shares of Patterson-UTI Energy from a “sell” rating to a “neutral” rating in a research note on Wednesday, July 2nd. Separately, 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, July 2nd. Finally, 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. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $33.30.
Patterson-UTI Energy (NASDAQ:PTEN) traded down 1.69% on Thursday, hitting $34.39. The stock had a trading volume of 1,247,028 shares. Patterson-UTI Energy has a one year low of $18.83 and a one year high of $36.17. The stock has a 50-day moving average of $34.00 and a 200-day moving average of $30.39. The company has a market cap of $4.927 billion and a P/E ratio of 30.71. Patterson-UTI Energy also saw a significant decline in short interest in June. As of June 30th, there was short interest totalling 3,000,760 shares, a decline of 21.6% from the June 13th total of 3,826,341 shares. Currently, 2.1% of the shares of the stock are sold short. Based on an average daily volume of 2,033,324 shares, the days-to-cover ratio is currently 1.5 days.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its 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. On average, analysts predict that Patterson-UTI Energy will post $1.42 earnings per share for the current fiscal year.
In other Patterson-UTI Energy news, Director Cloyce A. Talbott sold 400,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, June 27th. The stock was 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 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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