Patterson-UTI Energy (NASDAQ:PTEN) had its price objective upped by SunTrust Banks to $31.00 in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. SunTrust Banks’ price objective indicates a potential upside of 45.81% from the company’s previous close.

PTEN has been the topic of several other research reports. TheStreet upgraded Patterson-UTI Energy from a “d+” rating to a “c-” rating in a report on Monday. Piper Jaffray Companies set a $24.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Tuesday, October 31st. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $22.00 price target on the stock in a research note on Tuesday, October 31st. Credit Suisse Group lifted their price target on Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a research note on Friday, October 27th. Finally, Cowen reissued a “market perform” rating and set a $20.00 price objective (down previously from $24.00) on shares of Patterson-UTI Energy in a research note on Friday, October 27th. One analyst has rated the stock with a sell rating, ten have given a hold rating and seventeen have issued a buy rating to the company’s stock. Patterson-UTI Energy currently has a consensus rating of “Buy” and a consensus target price of $27.00.

Shares of Patterson-UTI Energy (PTEN) traded down $0.58 during trading on Wednesday, hitting $21.26. 2,410,600 shares of the company traded hands, compared to its average volume of 4,245,820. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23. 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 announced its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.04. The firm had revenue of $684.99 million for the quarter, compared to the consensus estimate of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The company’s revenue for the quarter was up 232.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.58) earnings per share. equities research analysts forecast that Patterson-UTI Energy will post -0.81 EPS for the current year.

Several institutional investors and hedge funds have recently modified their holdings of PTEN. Principal Financial Group Inc. increased its stake in Patterson-UTI Energy by 60.9% in the second quarter. Principal Financial Group Inc. now owns 3,184,202 shares of the oil and gas company’s stock worth $64,290,000 after purchasing an additional 1,205,084 shares during the period. BNP Paribas Arbitrage SA raised its position in Patterson-UTI Energy by 14.1% during the third quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock valued at $5,474,000 after acquiring an additional 32,293 shares in the last quarter. Federated Investors Inc. PA raised its position in Patterson-UTI Energy by 9.9% during the second quarter. Federated Investors Inc. PA now owns 137,661 shares of the oil and gas company’s stock valued at $2,779,000 after acquiring an additional 12,454 shares in the last quarter. Scout Investments Inc. grew its holdings in Patterson-UTI Energy by 101.7% in the second quarter. Scout Investments Inc. now owns 1,049,136 shares of the oil and gas company’s stock valued at $21,182,000 after purchasing an additional 529,023 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Patterson-UTI Energy by 59.9% in the second quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock worth $66,229,000 after acquiring an additional 1,228,607 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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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.

The Fly

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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