Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by stock analysts at Scotiabank from a “sector perform” rating to a “sector outperform” rating in a research note issued to investors on Friday.
Other equities analysts have also recently issued research reports about the company. Cowen set a $30.00 price target on Patterson-UTI Energy and gave the stock a “hold” rating in a report on Thursday. Howard Weil upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday. Scotia Howard Weill upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday. Jefferies Group set a $30.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, January 4th. Finally, Piper Jaffray Companies set a $24.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have given a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $27.40.
Patterson-UTI Energy (NASDAQ PTEN) traded up $0.89 during trading on Friday, reaching $24.70. The company had a trading volume of 4,016,200 shares, compared to its average volume of 3,392,488. Patterson-UTI Energy has a fifty-two week low of $14.83 and a fifty-two week high of $29.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. The company has a market capitalization of $5,500.00, a PE ratio of -15.94 and a beta of 1.08.
In related news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.60% of the company’s stock.
Hedge funds have recently modified their holdings of the stock. Riverhead Capital Management LLC boosted its stake in shares of Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock valued at $203,000 after buying an additional 4,653 shares during the period. PNC Financial Services Group Inc. boosted its stake in shares of Patterson-UTI Energy by 11.7% in the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after buying an additional 1,089 shares during the period. Madden Advisory Services Inc. bought a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $236,000. Gluskin Sheff & Assoc Inc. boosted its stake in shares of Patterson-UTI Energy by 7.1% in the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after buying an additional 780 shares during the period. Finally, Timber Hill LLC bought a new stake in shares of Patterson-UTI Energy in the third quarter valued at approximately $256,000. Institutional investors and hedge funds 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.
