Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by investment analysts at BMO Capital Markets from a “market perform” rating to a “buy” rating in a report issued on Wednesday.
PTEN has been the topic of a number of other reports. Cowen set a $24.00 price target on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a research note on Wednesday, October 18th. SunTrust Banks boosted their price target on shares of Patterson-UTI Energy to $31.00 and gave the stock a “buy” rating in a research note on Wednesday, December 6th. Jefferies Group set a $25.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 9th. Citigroup set a $24.00 price target on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, February 9th. Finally, Scotia Howard Weill upgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and twenty-one have issued a buy rating to the stock. Patterson-UTI Energy currently has a consensus rating of “Buy” and an average price target of $27.00.
Shares of Patterson-UTI Energy (PTEN) traded up $0.50 on Wednesday, reaching $18.30. 5,600,000 shares of the company traded hands, compared to its average volume of 4,210,000. The stock has a market cap of $4,070.00, a price-to-earnings ratio of -140.77 and a beta of 1.02. Patterson-UTI Energy has a 12-month low of $14.83 and a 12-month high of $29.76. The company has a debt-to-equity ratio of 0.17, a quick ratio of 1.16 and a current ratio of 1.23.
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 filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in PTEN. Tower Research Capital LLC TRC grew its position in shares of Patterson-UTI Energy by 621.7% during the fourth 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 in the last quarter. PNC Financial Services Group Inc. grew its position 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 buying an additional 1,089 shares in the last quarter. Ballentine Partners LLC acquired a new position in shares of Patterson-UTI Energy during the fourth quarter worth about $216,000. WealthTrust Axiom LLC acquired a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $217,000. Finally, Schroder Investment Management Group acquired a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $219,000. 97.79% of the stock is owned by institutional investors and hedge funds.
ILLEGAL ACTIVITY NOTICE: “BMO Capital Markets Upgrades Patterson-UTI Energy (PTEN) to Buy” was first reported by American Banking News and is the property of of American Banking News. If you are accessing this piece of content on another site, it was illegally stolen and reposted in violation of United States & international trademark & copyright legislation. The original version of this piece of content can be read at https://www.americanbankingnews.com/2018/02/14/bmo-capital-markets-upgrades-patterson-uti-energy-pten-to-buy.html.
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.
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.