Patterson-UTI Energy, Inc. (NASDAQ:PTEN)‘s stock had its “buy” rating reissued by investment analysts at SunTrust Banks, Inc. in a report released on Tuesday. They presently have a $25.00 price target on the oil and gas company’s stock, down from their previous price target of $33.00. SunTrust Banks, Inc.’s target price points to a potential upside of 20.42% from the company’s current price.

A number of other equities analysts have also recently issued reports on PTEN. Credit Suisse Group dropped their price target on shares of Patterson-UTI Energy from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, September 22nd. Cowen and Company reissued a “hold” rating and set a $24.00 price objective on shares of Patterson-UTI Energy in a research report on Sunday, September 17th. Piper Jaffray Companies restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. J P Morgan Chase & Co upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 price objective for the company in a research note on Tuesday, September 5th. Finally, Societe Generale began coverage on shares of Patterson-UTI Energy in a report on Thursday, August 31st. They issued a “buy” rating and a $22.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $26.86.

Patterson-UTI Energy (PTEN) traded down 0.34% on Tuesday, hitting $20.76. 5,570,167 shares of the company were exchanged. The company has a 50 day moving average price of $17.59 and a 200-day moving average price of $20.45. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $29.76. The stock’s market capitalization is $4.39 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The firm had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $556.47 million. During the same period in the prior year, the firm posted ($0.58) earnings per share. The company’s quarterly revenue was up 198.5% on a year-over-year basis. On average, equities analysts expect that Patterson-UTI Energy will post ($0.90) earnings per share for the current fiscal year.

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Several large investors have recently made changes to their positions in PTEN. PNC Financial Services Group Inc. increased its holdings in Patterson-UTI Energy by 7.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after acquiring an additional 683 shares in the last quarter. Riverhead Capital Management LLC raised its stake in Patterson-UTI Energy by 86.2% during the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after acquiring an additional 4,653 shares during the period. Madden Advisory Services Inc. bought a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $236,000. Gluskin Sheff & Assoc Inc. raised its stake in Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after acquiring an additional 780 shares during the period. Finally, Pacad Investment Ltd. bought a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $246,000. Institutional investors own 98.56% of the company’s stock.

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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