Patterson-UTI Energy (NASDAQ:PTEN) Stock Price Expected to Rise, Citigroup Analyst Says

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective hoisted by investment analysts at Citigroup from $7.00 to $9.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s price target indicates a potential upside of 8.83% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the stock. Royal Bank Of Canada lifted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Tudor Pickering cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Stifel Nicolaus upped their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Hold” and an average price target of $8.00.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $8.27 on Monday. The business has a 50-day simple moving average of $6.81 and a two-hundred day simple moving average of $6.12. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $9.30. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of -33.08 and a beta of 0.76.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the company posted ($0.13) EPS. The firm’s revenue was down 1.0% on a year-over-year basis. On average, analysts expect that Patterson-UTI Energy will post -0.1 EPS for the current year.

Insider Activity

In other news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the transaction, the director directly owned 207,000 shares in the company, valued at approximately $1,215,090. This represents a 64.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp increased its holdings in shares of Patterson-UTI Energy by 2.8% in the 4th quarter. Bank of New York Mellon Corp now owns 3,962,950 shares of the oil and gas company’s stock worth $24,214,000 after buying an additional 107,381 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Patterson-UTI Energy by 110.8% in the fourth quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after acquiring an additional 5,551,276 shares in the last quarter. Monaco Asset Management SAM increased its stake in Patterson-UTI Energy by 116.1% during the fourth quarter. Monaco Asset Management SAM now owns 6,714,355 shares of the oil and gas company’s stock worth $41,025,000 after acquiring an additional 3,607,042 shares during the last quarter. Clear Harbor Asset Management LLC raised its position in Patterson-UTI Energy by 114.4% during the fourth quarter. Clear Harbor Asset Management LLC now owns 167,527 shares of the oil and gas company’s stock valued at $1,024,000 after purchasing an additional 89,400 shares during the period. Finally, Norges Bank bought a new stake in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $1,215,000. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.