Patterson-UTI Energy (PTEN) Given Hold Rating at Seaport Global Securities

Patterson-UTI Energy (NASDAQ:PTEN)‘s stock had its “hold” rating reaffirmed by stock analysts at Seaport Global Securities in a research note issued to investors on Monday. They currently have a $24.00 target price on the oil and gas company’s stock. Seaport Global Securities’ price objective suggests a potential upside of 33.04% from the stock’s current price.

Several other equities analysts have also weighed in on PTEN. BMO Capital Markets set a $24.00 price target on shares of Patterson-UTI Energy and gave the company a “hold” rating in a research report on Friday. Cowen reiterated a “market perform” rating and set a $23.00 target price (down previously from $30.00) on shares of Patterson-UTI Energy in a research report on Friday. Jefferies Group set a $25.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday. Royal Bank of Canada set a $34.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Monday, February 5th. Finally, Deutsche Bank cut their target price on shares of Patterson-UTI Energy from $26.00 to $25.00 and set a “buy” rating for the company in a research report on Friday. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the company. Patterson-UTI Energy currently has an average rating of “Buy” and a consensus price target of $27.00.

Patterson-UTI Energy (PTEN) traded down $0.67 on Monday, reaching $18.04. 12,781,000 shares of the company traded hands, compared to its average volume of 4,064,810. The company has a market capitalization of $4,012.90, a price-to-earnings ratio of -128.86 and a beta of 1.02. 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 one year low of $14.83 and a one year high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). The company had revenue of $787.33 million for the quarter, compared to the consensus estimate of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 5.07%. Patterson-UTI Energy’s quarterly revenue was up 218.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.53) EPS. equities analysts predict that Patterson-UTI Energy will post 0.05 EPS for the current year.

In related news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction that occurred 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 filing with the SEC, which is available through this link. Company insiders own 4.60% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in PTEN. Tower Research Capital LLC TRC raised its stake in Patterson-UTI Energy by 621.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock valued at $194,000 after purchasing an additional 7,274 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Patterson-UTI Energy by 11.7% during the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after purchasing an additional 1,089 shares during the last quarter. Ballentine Partners LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $216,000. WealthTrust Axiom LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $217,000. Finally, Schroder Investment Management Group acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth $219,000. 97.79% 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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