Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given a $24.00 price objective by Citigroup Inc. in a report issued on Thursday. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Citigroup Inc.’s price objective suggests a potential upside of 12.68% from the stock’s previous close.

A number of other brokerages have also recently commented on PTEN. Royal Bank Of Canada restated a “buy” rating and issued a $29.00 price target on shares of Patterson-UTI Energy in a research report on Thursday, July 20th. BidaskClub upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. SunTrust Banks, Inc. restated a “buy” rating and issued a $25.00 price target (down previously from $33.00) on shares of Patterson-UTI Energy in a research report on Tuesday. BMO Capital Markets restated a “hold” rating and issued a $23.00 price target on shares of Patterson-UTI Energy in a research report on Thursday, July 13th. Finally, Piper Jaffray Companies restated a “neutral” rating and issued a $20.50 price target (down previously from $22.00) on shares of Patterson-UTI Energy in a research report on Wednesday, July 12th. Two investment 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. Patterson-UTI Energy has a consensus rating of “Hold” and an average price target of $27.14.

Patterson-UTI Energy (NASDAQ PTEN) traded up 2.35% during midday trading on Thursday, hitting $21.30. 4,148,132 shares of the stock traded hands. The firm’s 50 day moving average is $18.01 and its 200-day moving average is $20.42. The stock’s market capitalization is $4.51 billion. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, topping the Zacks’ consensus estimate 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 company had revenue of $579.00 million for the quarter, compared to analysts’ expectations of $556.47 million. During the same quarter last year, the business earned ($0.58) earnings per share. Patterson-UTI Energy’s revenue was up 198.5% on a year-over-year basis. On average, analysts anticipate that Patterson-UTI Energy will post ($0.90) EPS for the current fiscal year.

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A number of institutional investors and hedge funds have recently modified their holdings of the business. World Asset Management Inc lifted its stake in Patterson-UTI Energy by 2.5% in the second quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 295 shares during the period. Capstone Asset Management Co. increased its holdings in shares of Patterson-UTI Energy by 3.4% during the second quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock valued at $282,000 after acquiring an additional 460 shares in the last quarter. Arizona State Retirement System increased its holdings in shares of Patterson-UTI Energy by 0.7% during the second quarter. Arizona State Retirement System now owns 69,700 shares of the oil and gas company’s stock valued at $1,407,000 after acquiring an additional 500 shares in the last quarter. State Treasurer State of Michigan increased its holdings in shares of Patterson-UTI Energy by 0.9% during 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 acquiring an additional 600 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Patterson-UTI Energy by 7.9% during 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 acquiring an additional 683 shares in the last quarter. 98.56% of the stock is currently owned by hedge funds and other institutional investors.

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)

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