Patterson-UTI Energy, Inc. (NASDAQ:PTEN)‘s stock had its “hold” rating reissued by analysts at Cowen and Company in a research report issued on Sunday. They presently have a $24.00 target price on the oil and gas company’s stock. Cowen and Company’s price objective suggests a potential upside of 28.62% from the stock’s current price.

PTEN has been the subject of several other reports. Zacks Investment Research lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Thursday, July 27th. Societe Generale initiated coverage on shares of Patterson-UTI Energy in a report on Thursday, August 31st. They set a “buy” rating and a $22.00 price objective for the company. Royal Bank Of Canada reissued a “buy” rating and set a $29.00 price objective on shares of Patterson-UTI Energy in a report on Thursday, July 20th. Jefferies Group LLC set a $26.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Saturday, July 29th. Finally, Seaport Global Securities reissued a “neutral” rating on shares of Patterson-UTI Energy in a report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have issued a buy rating to the company. Patterson-UTI Energy presently has an average rating of “Hold” and a consensus price target of $27.36.

Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 18.66 on Friday. Patterson-UTI Energy has a 12 month low of $14.83 and a 12 month high of $29.76. The company has a 50-day moving average of $17.11 and a 200-day moving average of $21.04. The stock’s market capitalization is $3.95 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. The company had revenue of $579.00 million during the quarter, compared to analyst estimates of $556.47 million. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The firm’s revenue for the quarter was up 198.5% compared to the same quarter last year. During the same period last year, the business earned ($0.58) EPS. On average, equities research analysts expect that Patterson-UTI Energy will post ($0.92) EPS for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: This news story was published by American Banking News and is the sole property of of American Banking News. If you are reading this news story on another domain, it was illegally copied and reposted in violation of US and international copyright & trademark legislation. The legal version of this news story can be viewed at https://www.americanbankingnews.com/2017/09/17/patterson-uti-energy-inc-pten-rating-reiterated-by-cowen-and-company.html.

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in shares of Patterson-UTI Energy by 22.8% during the 2nd quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock worth $338,409,000 after buying an additional 3,115,388 shares in the last quarter. BlackRock Inc. raised its position in shares of Patterson-UTI Energy by 11.5% during the 2nd quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock worth $325,506,000 after buying an additional 1,660,164 shares in the last quarter. Van ECK Associates Corp raised its position in shares of Patterson-UTI Energy by 6.2% during the 2nd quarter. Van ECK Associates Corp now owns 9,547,599 shares of the oil and gas company’s stock worth $192,766,000 after buying an additional 559,430 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Patterson-UTI Energy by 39.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock worth $158,823,000 after buying an additional 2,224,128 shares in the last quarter. Finally, State Street Corp raised its position in shares of Patterson-UTI Energy by 9.3% during the 2nd quarter. State Street Corp now owns 4,984,030 shares of the oil and gas company’s stock worth $100,628,000 after buying an additional 423,443 shares in the last quarter. Institutional investors own 98.57% of the company’s stock.

About Patterson-UTI Energy

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)

Receive News & Ratings for Patterson-UTI Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy Inc. and related companies with MarketBeat.com's FREE daily email newsletter.