Patterson-UTI Energy, Inc. (PTEN) Given Consensus Recommendation of “Hold” by Brokerages
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given a consensus rating of “Hold” by the thirty-two brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating and sixteen have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $27.70.
PTEN has been the topic of a number of recent research reports. Zacks Investment Research downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, March 28th. Deutsche Bank AG lowered their target price on Patterson-UTI Energy from $31.00 to $28.00 and set a “hold” rating on the stock in a research note on Friday, April 28th. Jefferies Group LLC restated a “buy” rating and issued a $32.00 target price (down previously from $35.00) on shares of Patterson-UTI Energy in a research note on Wednesday, May 3rd. BMO Capital Markets restated a “hold” rating and issued a $28.00 target price on shares of Patterson-UTI Energy in a research note on Thursday, April 13th. Finally, Evercore ISI restated an “outperform” rating and issued a $35.00 target price on shares of Patterson-UTI Energy in a research note on Tuesday, June 6th.
Institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. boosted its position in Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock valued at $225,000 after buying an additional 683 shares during the period. LS Investment Advisors LLC boosted its position in Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock valued at $262,000 after buying an additional 754 shares during the period. First Mercantile Trust Co. purchased a new position in Patterson-UTI Energy during the first quarter valued at approximately $263,000. Gluskin Sheff & Assoc Inc. purchased a new position in Patterson-UTI Energy during the first quarter valued at approximately $324,000. Finally, Timber Hill LLC purchased a new position in Patterson-UTI Energy during the first quarter valued at approximately $269,000. 85.04% of the stock is owned by hedge funds and other institutional investors.
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Patterson-UTI Energy (NASDAQ PTEN) traded down 3.80% during trading on Monday, hitting $19.00. The stock had a trading volume of 3,712,562 shares. Patterson-UTI Energy has a 1-year low of $17.61 and a 1-year high of $29.76. The firm’s 50 day moving average is $20.34 and its 200 day moving average is $23.98. The firm’s market cap is $3.13 billion.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, April 27th. The oil and gas company reported ($0.42) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.02. Patterson-UTI Energy had a negative return on equity of 13.10% and a negative net margin of 32.74%. The firm had revenue of $305.20 million for the quarter, compared to the consensus estimate of $294.82 million. During the same quarter in the previous year, the company posted ($0.48) earnings per share. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. On average, analysts anticipate that Patterson-UTI Energy will post ($1.05) earnings per share for the current year.
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.
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