Patterson-UTI Energy Shares Gap Up on Analyst Upgrade (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) shares gapped up before the market opened on Wednesday after Global Hunter Securities raised their price target on the stock from $33.00 to $43.00, Analyst Ratings News reports. The stock had previously closed at $34.49, but opened at $34.54. Patterson-UTI Energy shares last traded at $35.27, with a volume of 1,368,702 shares changing hands.
Other equities research analysts have also recently issued reports about the stock. Analysts at RBC Capital raised their price target on shares of Patterson-UTI Energy from $39.00 to $44.00 in a research note on Friday, July 11th. They now have an “outperform” rating on the stock. Separately, analysts at Goldman Sachs raised their price target on shares of Patterson-UTI Energy from $39.00 to $41.00 in a research note on Thursday, July 10th. They now have a “buy” rating on the stock. Finally, 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. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $34.70.
The stock has a 50-day moving average of $34.11 and a 200-day moving average of $30.63. The company has a market cap of $5.074 billion and a P/E ratio of 30.32. Patterson-UTI Energy also was the target of a significant decrease in short interest in June. As of June 30th, there was short interest totalling 3,000,760 shares, a decrease of 21.6% from the June 13th total of 3,826,341 shares. Currently, 2.1% of the company’s stock are short sold. 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 issued its quarterly earnings data 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.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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