Patterson-UTI Energy (NASDAQ:PTEN) received a $30.00 price objective from equities researchers at Jefferies Group in a note issued to investors on Thursday. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Jefferies Group’s target price would indicate a potential upside of 27.01% from the stock’s current price.
Several other research firms have also issued reports on PTEN. Cowen set a $24.00 price target on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a research report on Wednesday, October 18th. SunTrust Banks lifted their target price on shares of Patterson-UTI Energy to $31.00 and gave the company a “buy” rating in a research report on Wednesday, December 6th. Citigroup set a $24.00 target price on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, October 5th. Piper Jaffray Companies set a $24.00 target price on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research report on Tuesday, October 31st. Finally, Zacks Investment Research lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research report on Monday, October 30th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $27.20.
Shares of Patterson-UTI Energy (NASDAQ PTEN) traded up $0.15 on Thursday, reaching $23.62. 3,175,017 shares of the company traded hands, compared to its average volume of 2,715,073. The company has a market cap of $5,250.00, a P/E ratio of -15.24 and a beta of 1.08. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76. The company has a quick ratio of 1.16, a current ratio of 1.23 and a debt-to-equity ratio of 0.17.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, topping the consensus estimate 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 business’s quarterly revenue was up 232.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.58) EPS. equities research analysts forecast that Patterson-UTI Energy will post -0.8 EPS for the current year.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 4.60% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in PTEN. BlueMountain Capital Management LLC raised its stake in shares of Patterson-UTI Energy by 8,571.3% in the second quarter. BlueMountain Capital Management LLC now owns 3,761,861 shares of the oil and gas company’s stock worth $75,952,000 after acquiring an additional 3,718,478 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in shares of Patterson-UTI Energy during the third quarter worth approximately $67,664,000. Vanguard Group Inc. raised its stake in shares of 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 worth $338,409,000 after buying an additional 3,115,388 shares during the last quarter. Axar Capital Management L.P. bought a new stake in shares of Patterson-UTI Energy during the second quarter worth approximately $59,956,000. Finally, JPMorgan Chase & Co. raised its stake in shares of 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 worth $158,823,000 after buying an additional 2,224,128 shares during the last quarter. 97.71% of the stock is owned by 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.