Wells Fargo & Co Downgrades Patterson-UTI Energy (NASDAQ:PTEN) to Underperform

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by investment analysts at Wells Fargo & Co from a “market perform” rating to an “underperform” rating in a research note issued to investors on Thursday, The Fly reports.

Several other analysts have also recently issued reports on PTEN. AltaCorp Capital reaffirmed an “outperform” rating on shares of Patterson-UTI Energy in a report on Thursday, June 20th. Royal Bank of Canada set a $17.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, July 26th. UBS Group set a $17.00 price objective on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Friday, July 26th. BidaskClub raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Tuesday. Finally, Scotiabank lowered Patterson-UTI Energy from a “sector outperform” rating to a “sector perform” rating and set a $9.00 price target on the stock. in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Patterson-UTI Energy has an average rating of “Buy” and a consensus price target of $14.43.

Shares of PTEN opened at $9.59 on Thursday. The stock has a market capitalization of $1.95 billion, a price-to-earnings ratio of -28.21 and a beta of 1.52. Patterson-UTI Energy has a 1 year low of $7.87 and a 1 year high of $18.39. The business’s 50 day simple moving average is $9.26 and its 200-day simple moving average is $11.93. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.91 and a quick ratio of 1.76.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. The business had revenue of $675.77 million for the quarter, compared to analysts’ expectations of $670.28 million. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. The company’s revenue for the quarter was down 20.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) EPS. On average, sell-side analysts expect that Patterson-UTI Energy will post -0.91 earnings per share for the current year.

In other Patterson-UTI Energy news, Director Curtis W. Huff acquired 25,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were bought at an average price of $8.08 per share, with a total value of $202,000.00. Following the transaction, the director now directly owns 162,817 shares of the company’s stock, valued at approximately $1,315,561.36. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janeen S. Judah sold 5,000 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $9.05, for a total value of $45,250.00. Following the completion of the transaction, the director now directly owns 27,023 shares in the company, valued at approximately $244,558.15. The disclosure for this sale can be found here. Corporate insiders own 4.00% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the business. Atria Investments LLC bought a new position in Patterson-UTI Energy in the 2nd quarter valued at $6,372,000. Nomura Holdings Inc. grew its position in Patterson-UTI Energy by 427.9% in the 2nd quarter. Nomura Holdings Inc. now owns 150,483 shares of the oil and gas company’s stock valued at $1,775,000 after acquiring an additional 121,976 shares during the last quarter. Natixis grew its position in shares of Patterson-UTI Energy by 48.6% during the 2nd quarter. Natixis now owns 1,190,059 shares of the oil and gas company’s stock worth $13,698,000 after buying an additional 389,379 shares in the last quarter. Prudential PLC grew its position in shares of Patterson-UTI Energy by 17.5% during the 2nd quarter. Prudential PLC now owns 3,573,704 shares of the oil and gas company’s stock worth $41,148,000 after buying an additional 531,000 shares in the last quarter. Finally, Royal Bank of Canada grew its position in shares of Patterson-UTI Energy by 23.0% during the 2nd quarter. Royal Bank of Canada now owns 240,489 shares of the oil and gas company’s stock worth $2,768,000 after buying an additional 44,964 shares in the last quarter. 98.39% of the stock is currently owned by institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

Further Reading: Convertible Shares

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