Patterson-UTI Energy (NASDAQ:PTEN) had its target price decreased by research analysts at Deutsche Bank from $26.00 to $25.00 in a research note issued to investors on Friday. The firm presently has a “buy” rating on the oil and gas company’s stock. Deutsche Bank’s price objective would indicate a potential upside of 38.58% from the stock’s previous close.
A number of other equities research analysts have also weighed in on PTEN. Cowen set a $24.00 price objective on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a report on Wednesday, October 18th. Credit Suisse Group boosted their price objective on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “neutral” rating in a report on Friday, October 27th. Zacks Investment Research lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Monday, October 30th. Piper Jaffray Companies set a $24.00 price objective on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Tuesday, October 31st. Finally, TheStreet upgraded shares of Patterson-UTI Energy from a “d+” rating to a “c-” rating in a report on Monday, December 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $26.79.
Shares of Patterson-UTI Energy (NASDAQ PTEN) traded down $0.67 on Friday, hitting $18.04. 12,781,029 shares of the stock were exchanged, compared to its average volume of 4,188,719. The company has a market cap of $4,855.96, a price-to-earnings ratio of -11.64 and a beta of 1.02. 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 has a 1 year low of $14.83 and a 1 year high of $29.76.
In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the company’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total value of $59,407.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.60% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Tower Research Capital LLC TRC grew its position in shares of Patterson-UTI Energy by 621.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock worth $194,000 after buying an additional 7,274 shares during the period. Ballentine Partners LLC purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth about $216,000. WealthTrust Axiom LLC purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth about $217,000. Schroder Investment Management Group purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth about $219,000. Finally, Falcon Point Capital LLC purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth about $222,000. Institutional investors and hedge funds own 98.46% of the company’s stock.
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.
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