Royal Bank of Canada Reiterates “$34.00” Price Target for Patterson-UTI Energy (PTEN)

Patterson-UTI Energy (NASDAQ:PTEN) received a $34.00 price target from equities research analysts at Royal Bank of Canada in a report released on Monday. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 51.25% from the company’s current price.

A number of other research firms have also recently weighed in on PTEN. Cowen set a $30.00 price target on Patterson-UTI Energy and gave the stock a “hold” rating in a report on Thursday, January 11th. Howard Weil upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 12th. Scotia Howard Weill upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 12th. Scotiabank upgraded Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a report on Friday, January 12th. Finally, BidaskClub upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a report on Saturday, January 13th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have issued a buy rating to the stock. Patterson-UTI Energy currently has an average rating of “Buy” and a consensus target price of $27.42.

Shares of Patterson-UTI Energy (NASDAQ PTEN) traded up $0.31 during trading hours on Monday, hitting $22.48. The stock had a trading volume of 303,409 shares, compared to its average volume of 3,246,929. 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 has a 1-year low of $14.83 and a 1-year high of $29.76. The stock has a market cap of $5,125.12, a PE ratio of -14.63 and a beta of 1.02.

In related news, Director Tiffany J. Thom sold 2,574 shares of the company’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 transaction of $59,407.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 4.60% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp raised its position in shares of Patterson-UTI Energy by 6.6% during the 3rd quarter. Van ECK Associates Corp now owns 10,177,949 shares of the oil and gas company’s stock valued at $213,126,000 after acquiring an additional 630,350 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Patterson-UTI Energy by 6.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 8,367,543 shares of the oil and gas company’s stock valued at $174,379,000 after acquiring an additional 501,179 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Patterson-UTI Energy by 31.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 5,567,435 shares of the oil and gas company’s stock valued at $116,581,000 after acquiring an additional 1,335,098 shares in the last quarter. State Street Corp raised its position in shares of Patterson-UTI Energy by 9.3% during the 2nd quarter. State Street Corp now owns 4,984,030 shares of the oil and gas company’s stock valued at $100,628,000 after acquiring an additional 423,443 shares in the last quarter. Finally, Jennison Associates LLC raised its position in shares of Patterson-UTI Energy by 15.1% during the 4th quarter. Jennison Associates LLC now owns 4,679,964 shares of the oil and gas company’s stock valued at $107,686,000 after acquiring an additional 612,235 shares in the last quarter. 98.46% of the stock is currently owned by institutional investors and hedge funds.

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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.

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

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