Investment analysts at Stephens assumed coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research note issued on Tuesday, The Fly reports. The firm set an “overweight” rating on the oil and gas company’s stock.
Several other research analysts also recently commented on the stock. Jefferies Group set a $30.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Thursday, January 4th. SunTrust Banks increased their target price on shares of Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a report on Wednesday, December 6th. TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a report on Monday, December 4th. Piper Jaffray Companies set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Tuesday, October 31st. Finally, Zacks Investment Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a report on Tuesday, October 31st. One analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $26.79.
Shares of Patterson-UTI Energy (PTEN) traded up $0.61 on Tuesday, hitting $24.30. 2,442,400 shares of the stock traded hands, compared to its average volume of 2,607,160. Patterson-UTI Energy has a 1-year low of $14.83 and a 1-year high of $29.76. The stock has a market capitalization of $5,410.00, a P/E ratio of -15.68 and a beta of 1.08. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17.
In other 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 transaction of $59,407.92. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.60% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Gluskin Sheff & Assoc Inc. increased its stake in Patterson-UTI Energy by 7.1% during the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after purchasing an additional 780 shares during the period. PNC Financial Services Group Inc. increased its stake in Patterson-UTI Energy by 11.7% during the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after purchasing an additional 1,089 shares during the period. World Asset Management Inc increased its stake in Patterson-UTI Energy by 22.5% during the third quarter. World Asset Management Inc now owns 15,096 shares of the oil and gas company’s stock worth $316,000 after purchasing an additional 2,772 shares during the period. LS Investment Advisors LLC increased its stake in Patterson-UTI Energy by 22.5% during the third quarter. LS Investment Advisors LLC now owns 16,535 shares of the oil and gas company’s stock worth $346,000 after purchasing an additional 3,038 shares during the period. Finally, Pacer Advisors Inc. increased its stake in Patterson-UTI Energy by 11.6% during the third quarter. Pacer Advisors Inc. now owns 33,876 shares of the oil and gas company’s stock worth $709,000 after purchasing an additional 3,522 shares during the period. Hedge funds and other institutional investors own 97.71% of the company’s stock.
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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.
