Patterson-UTI Energy (PTEN) Lowered to Hold at BidaskClub

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued on Wednesday.

Several other equities analysts have also commented on PTEN. Cowen set a $24.00 price target on Patterson-UTI Energy and gave the company a “hold” rating in a research note on Wednesday, October 18th. Howard Weil upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Scotiabank upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Deutsche Bank began coverage on Patterson-UTI Energy in a research note on Tuesday, October 10th. They set a “buy” rating and a $25.00 price target on the stock. Finally, TheStreet upgraded 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 have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $27.16.

Shares of Patterson-UTI Energy (PTEN) traded up $0.35 during trading on Wednesday, hitting $24.57. The stock had a trading volume of 1,883,624 shares, compared to its average volume of 3,110,000. The stock has a market capitalization of $5,470.00, a price-to-earnings ratio of -15.85 and a beta of 1.08. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23. Patterson-UTI Energy has a 1 year low of $14.83 and a 1 year high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.04. The firm had revenue of $684.99 million for the quarter, compared to analyst estimates 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 business’s revenue for the quarter was up 232.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.58) earnings per share. research analysts forecast that Patterson-UTI Energy will post -0.8 earnings per share for the current year.

In other news, Director Tiffany J. Thom sold 2,574 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.60% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of PTEN. Alyeska Investment Group L.P. acquired a new stake in shares of Patterson-UTI Energy during the third quarter worth about $67,664,000. Vanguard Group Inc. lifted its holdings 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 purchasing an additional 3,115,388 shares during the period. Fuller & Thaler Asset Management Inc. lifted its holdings in shares of Patterson-UTI Energy by 285.0% during the third quarter. Fuller & Thaler Asset Management Inc. now owns 2,722,481 shares of the oil and gas company’s stock worth $57,009,000 after purchasing an additional 2,015,336 shares during the period. BlackRock Inc. lifted its holdings in shares of Patterson-UTI Energy by 11.5% during the second quarter. BlackRock Inc. now owns 16,122,084 shares of the oil and gas company’s stock worth $325,506,000 after purchasing an additional 1,660,164 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in shares of Patterson-UTI Energy by 31.5% during the third quarter. Ameriprise Financial Inc. now owns 5,567,435 shares of the oil and gas company’s stock worth $116,581,000 after purchasing an additional 1,335,098 shares during the period. Institutional investors and hedge funds own 97.76% 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.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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