Patterson-UTI Energy, Inc. (PTEN) Stock Rating Upgraded by Zacks Investment Research
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage presently has a $23.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s target price points to a potential upside of 7.93% from the company’s current price.
According to Zacks, “Patterson-UTI Energy is one of the largest North American land drilling contractor, having a large, high-quality fleet of drilling rigs. The company’s technologically advanced ‘Apex’ rigs are the key to its success. Patterson-UTI’s proprietary design makes the rigs move faster than conventional rigs, drill quicker and more efficiently than conventional rigs, and allows for a safer operating environment. As such, these rigs are better suited for the new demands of the exploration business and, therefore, command higher dayrates and utilization than rigs from other land drillers. We believe Patterson-UTI's acquisition of smaller rival Seventy Seven Energy will bolster its scale and customer base, while helping to enhance its geographic footprint to most active basins in the U.S. “
PTEN has been the topic of a number of other research reports. UBS AG reaffirmed a “buy” rating and set a $25.00 price objective (down previously from $35.00) on shares of Patterson-UTI Energy in a research report on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research report on Tuesday, September 5th. BidaskClub raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Citigroup Inc. set a $24.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, October 5th. Finally, J P Morgan Chase & Co raised Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 price objective on the stock in a research report on Tuesday, September 5th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. Patterson-UTI Energy currently has a consensus rating of “Buy” and a consensus price target of $26.82.
Patterson-UTI Energy (NASDAQ PTEN) traded up 1.72% during trading on Wednesday, hitting $21.31. The stock had a trading volume of 3,324,209 shares. 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 $4.51 billion. The stock’s 50-day moving average is $18.64 and its 200-day moving average is $20.28.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, beating 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 company had revenue of $579.00 million for the quarter, compared to the consensus estimate of $556.47 million. During the same quarter last year, the company earned ($0.58) earnings per share. The firm’s revenue for the quarter was up 198.5% compared to the same quarter last year. On average, analysts predict that Patterson-UTI Energy will post ($0.90) earnings per share for the current fiscal year.
A number of hedge funds have recently made changes to their positions in PTEN. BlackRock Inc. raised its position in Patterson-UTI Energy by 11,291.0% during the first quarter. BlackRock Inc. now owns 14,461,920 shares of the oil and gas company’s stock valued at $350,991,000 after acquiring an additional 14,334,961 shares in the last quarter. BlueMountain Capital Management LLC raised its position in Patterson-UTI Energy by 8,571.3% during the second quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock valued at $75,952,000 after acquiring an additional 3,718,478 shares in the last quarter. Vanguard Group Inc. raised its position in Patterson-UTI Energy by 22.8% during the second quarter. Vanguard Group Inc. now owns 16,761,217 shares of the oil and gas company’s stock valued at $338,409,000 after acquiring an additional 3,115,388 shares in the last quarter. Axar Capital Management L.P. purchased a new position in Patterson-UTI Energy during the second quarter valued at approximately $59,956,000. Finally, JPMorgan Chase & Co. raised its position in Patterson-UTI Energy by 39.4% during the second quarter. JPMorgan Chase & Co. now owns 7,866,364 shares of the oil and gas company’s stock valued at $158,823,000 after acquiring an additional 2,224,128 shares in the last quarter. 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.