Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given a $24.00 target price by equities researchers at Cowen and Company in a note issued to investors on Wednesday. The firm presently has a “hold” rating on the oil and gas company’s stock. Cowen and Company’s price target indicates a potential upside of 26.78% from the company’s current price.

Other research analysts also recently issued research reports about the company. Royal Bank Of Canada set a $35.00 target price on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Saturday, June 24th. Citigroup Inc. upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $21.00 to $19.00 in a research note on Wednesday, August 30th. Seaport Global Securities downgraded Patterson-UTI Energy from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $29.00 to $21.00 in a research note on Wednesday, June 21st. BMO Capital Markets reiterated a “hold” rating and set a $23.00 price target on shares of Patterson-UTI Energy in a research note on Thursday, July 13th. Finally, BidaskClub downgraded Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 8th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $26.82.

Patterson-UTI Energy (NASDAQ:PTEN) traded down 3.02% during trading on Wednesday, hitting $18.93. The stock had a trading volume of 5,092,452 shares. The firm’s 50 day moving average is $19.30 and its 200 day moving average is $20.16. The firm’s market cap is $4.01 billion. Patterson-UTI Energy has a 1-year low of $14.83 and a 1-year high of $29.76.

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

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A number of institutional investors have recently bought and sold shares of PTEN. Prudential Financial Inc. raised its holdings in Patterson-UTI Energy by 16.9% in the 1st quarter. Prudential Financial Inc. now owns 115,219 shares of the oil and gas company’s stock valued at $2,797,000 after acquiring an additional 16,660 shares in the last quarter. PNC Financial Services Group Inc. raised 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 valued at $225,000 after acquiring an additional 683 shares in the last quarter. Legal & General Group Plc raised its holdings in Patterson-UTI Energy by 23.4% in the 1st quarter. Legal & General Group Plc now owns 205,553 shares of the oil and gas company’s stock valued at $4,989,000 after acquiring an additional 39,010 shares in the last quarter. Utah Retirement Systems raised its holdings in Patterson-UTI Energy by 13.3% in the 1st quarter. Utah Retirement Systems now owns 29,773 shares of the oil and gas company’s stock valued at $723,000 after acquiring an additional 3,500 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Patterson-UTI Energy by 14.4% in the 1st quarter. Vanguard Group Inc. now owns 13,645,829 shares of the oil and gas company’s stock valued at $331,184,000 after acquiring an additional 1,719,414 shares in the last quarter. 98.67% of the stock is owned by hedge funds and other institutional investors.

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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