Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

According to Zacks, “Despite early signs of recovery in North America, the current oilfield environment remains one of the most difficult. With new competitors entering the market and drilling contractors too rattled to make new investment decisions, oilfield machineries and equipment suppliers like Patterson-UTI Energy have seen their pricing fall drastically. As it is, the ongoing weakness in commodity prices – despite the OPEC-driven recovery – has curtailed energy drilling and equipment demand thereby affecting Patterson-UTI’s revenues, earnings and cash flow. Given these headwinds, we see PTEN as a risky bet that ordinary investors should exit.”

Several other equities research analysts have also recently commented on PTEN. Tudor Pickering upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Monday, April 3rd. Instinet upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $26.00 to $31.00 in a research report on Wednesday, April 5th. Nomura upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research report on Wednesday, April 5th. BMO Capital Markets reiterated a “hold” rating and set a $28.00 price target on shares of Patterson-UTI Energy in a research report on Thursday, April 13th. Finally, Jefferies Group LLC set a $35.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Monday, April 24th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $27.54.

Shares of Patterson-UTI Energy (PTEN) opened at 19.75 on Thursday. Patterson-UTI Energy has a one year low of $17.61 and a one year high of $29.76. The company’s 50-day moving average is $20.12 and its 200-day moving average is $23.72. The company’s market capitalization is $3.26 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.42) EPS for the quarter, topping the 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 company had revenue of $305.20 million during the quarter, compared to analysts’ expectations of $294.82 million. During the same quarter in the previous year, the company earned ($0.48) EPS. Patterson-UTI Energy’s revenue was up 13.5% on a year-over-year basis. Equities analysts predict that Patterson-UTI Energy will post ($1.04) earnings per share for the current year.

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Several hedge funds have recently made changes to their positions in PTEN. Nikko Asset Management Americas Inc. raised its stake in shares of Patterson-UTI Energy by 0.7% in the first quarter. Nikko Asset Management Americas Inc. now owns 13,500 shares of the oil and gas company’s stock worth $328,000 after buying an additional 100 shares in the last quarter. Capstone Asset Management Co. raised its stake in shares of Patterson-UTI Energy by 3.4% in the second quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock worth $282,000 after buying an additional 460 shares in the last quarter. State Treasurer State of Michigan raised its stake in shares of 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 worth $1,377,000 after buying an additional 600 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of 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 worth $225,000 after buying an additional 683 shares in the last quarter. Finally, LS Investment Advisors LLC raised its stake in shares of 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 worth $262,000 after buying an additional 754 shares in the last quarter. 85.04% of the stock is currently owned by institutional investors and hedge funds.

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

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