Patterson-UTI Energy (PTEN) Stock Rating Upgraded by Howard Weil
Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by stock analysts at Howard Weil from a “sector perform” rating to a “sector outperform” rating in a research report issued to clients and investors on Friday.
Several other analysts also recently commented on the company. Cowen set a $30.00 price objective on Patterson-UTI Energy and gave the stock a “hold” rating in a research note on Thursday. Stephens assumed coverage on Patterson-UTI Energy in a research note on Tuesday. They set an “overweight” rating and a $29.00 price objective on the stock. Jefferies Group set a $30.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Thursday, January 4th. SunTrust Banks raised their price objective on Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, December 6th. Finally, TheStreet raised Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research note on Monday, December 4th. Seven analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $27.40.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) remained flat at $$24.70 during trading on Friday. The company’s stock had a trading volume of 3,706,473 shares, compared to its average volume of 3,140,000. The firm has a market cap of $5,490.00, a price-to-earnings ratio of -15.94 and a beta of 1.08. Patterson-UTI Energy has a 1-year low of $14.83 and a 1-year high of $29.76. 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 (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The business 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%. The firm’s revenue was up 232.3% compared to the same quarter last year. During the same quarter last year, the business posted ($0.58) EPS. equities analysts forecast that Patterson-UTI Energy will post -0.8 EPS for the current fiscal year.
In related news, Director Tiffany J. Thom sold 2,574 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total value of $59,407.92. The transaction was disclosed in a filing with the SEC, which is available at this link. 4.60% of the stock is currently owned by insiders.
Several large investors have recently added to or reduced their stakes in PTEN. Riverhead Capital Management LLC increased its position 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 acquiring an additional 4,653 shares during the last quarter. PNC Financial Services Group Inc. increased its position 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 acquiring an additional 1,089 shares during the last quarter. Madden Advisory Services Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at about $236,000. Gluskin Sheff & Assoc Inc. increased its position 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 acquiring an additional 780 shares during the last quarter. Finally, Timber Hill LLC acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $256,000. 97.71% of the stock is currently owned by institutional investors and hedge funds.
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.
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