Patterson-UTI Energy, Inc. (NASDAQ:PTEN)‘s stock had its “buy” rating restated by stock analysts at Royal Bank Of Canada in a research note issued on Thursday. They currently have a $29.00 price objective on the oil and gas company’s stock. Royal Bank Of Canada’s price objective indicates a potential upside of 39.56% from the stock’s previous close.

A number of other research firms have also recently commented on PTEN. BMO Capital Markets restated a “hold” rating and set a $28.00 target price on shares of Patterson-UTI Energy in a research note on Thursday, April 13th. Tudor Pickering began coverage on shares of Patterson-UTI Energy in a research note on Thursday, March 23rd. They set a “hold” rating on the stock. Scotiabank restated a “hold” rating and set a $30.00 target price on shares of Patterson-UTI Energy in a research note on Wednesday, March 22nd. Instinet upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $26.00 to $31.00 in a research note on Wednesday, April 5th. Finally, Nomura upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 5th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have assigned a buy rating to the stock. Patterson-UTI Energy presently has a consensus rating of “Hold” and an average target price of $27.54.

Shares of Patterson-UTI Energy (NASDAQ:PTEN) traded down 3.39% during trading on Thursday, reaching $20.78. 3,979,066 shares of the company traded hands. Patterson-UTI Energy has a 52 week low of $17.61 and a 52 week high of $29.76. The company’s market capitalization is $3.43 billion. The company’s 50-day moving average price is $20.35 and its 200-day moving average price is $24.00.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.44) by $0.02. Patterson-UTI Energy had a negative net margin of 32.74% and a negative return on equity of 13.10%. The firm had revenue of $305.20 million for the quarter, compared to analysts’ expectations of $294.82 million. During the same quarter in the prior year, the business earned ($0.48) EPS. The business’s quarterly revenue was up 13.5% on a year-over-year basis. Equities research analysts forecast that Patterson-UTI Energy will post ($1.04) EPS for the current fiscal year.

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Hedge funds and other institutional investors have recently bought and sold shares of the company. US Bancorp DE raised its position in Patterson-UTI Energy by 21.7% in the second quarter. US Bancorp DE now owns 33,066 shares of the oil and gas company’s stock valued at $667,000 after buying an additional 5,892 shares during the last quarter. State Treasurer State of Michigan raised its position in Patterson-UTI Energy by 0.9% in the second quarter. State Treasurer State of Michigan now owns 68,200 shares of the oil and gas company’s stock valued at $1,377,000 after buying an additional 600 shares during the last quarter. Louisiana State Employees Retirement System raised its position in Patterson-UTI Energy by 2.6% in the second quarter. Louisiana State Employees Retirement System now owns 43,100 shares of the oil and gas company’s stock valued at $870,000 after buying an additional 1,100 shares during the last quarter. LS Investment Advisors LLC raised its position in Patterson-UTI Energy by 24.9% in the second quarter. LS Investment Advisors LLC now owns 13,497 shares of the oil and gas company’s stock valued at $273,000 after buying an additional 2,694 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in Patterson-UTI Energy by 4.5% in the second quarter. Oregon Public Employees Retirement Fund now owns 59,970 shares of the oil and gas company’s stock valued at $1,211,000 after buying an additional 2,573 shares during the last quarter. 84.97% of the stock is owned by institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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