Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by equities researchers at TheStreet from a “d+” rating to a “c-” rating in a research note issued on Monday.

Several other research firms have also recently issued reports on PTEN. Jefferies Group set a $26.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Thursday, October 5th. Credit Suisse Group upped their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a research report on Friday, October 27th. Cowen reaffirmed a “hold” rating and set a $24.00 price objective on shares of Patterson-UTI Energy in a research report on Sunday, September 17th. Deutsche Bank initiated coverage on Patterson-UTI Energy in a research report on Tuesday, October 10th. They set a “buy” rating and a $25.00 price objective for the company. Finally, BidaskClub cut Patterson-UTI Energy from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $27.00.

Shares of Patterson-UTI Energy (NASDAQ PTEN) traded down $0.26 during midday trading on Monday, reaching $21.00. The company’s stock had a trading volume of 2,454,805 shares, compared to its average volume of 4,238,199. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. 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, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to the consensus estimate of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. Patterson-UTI Energy’s revenue was up 232.3% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.58) EPS. research analysts expect that Patterson-UTI Energy will post -0.81 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in PTEN. Riverhead Capital Management LLC boosted its position in shares of Patterson-UTI Energy by 86.2% in the 2nd quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after purchasing an additional 4,653 shares during the period. PNC Financial Services Group Inc. lifted its position in Patterson-UTI Energy by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after acquiring an additional 1,089 shares during the period. Madden Advisory Services Inc. acquired a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $236,000. Gluskin Sheff & Assoc Inc. lifted its position 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. acquired a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $246,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

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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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