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

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

Several other equities analysts have also recently issued reports on the company. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $6.00 price objective (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Tudor Pickering downgraded Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. 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 report on Friday, February 6th. Finally, Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.00.

Patterson-UTI Energy Stock Performance

PTEN opened at $8.27 on Monday. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $9.30. The firm has a 50 day moving average of $6.81 and a two-hundred day moving average of $6.12. The firm has a market capitalization of $3.14 billion, a PE ratio of -33.08 and a beta of 0.76.

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

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the transaction, the director directly owned 207,000 shares of the company’s stock, valued at $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Quarry LP lifted its stake in Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 3,862 shares in the last quarter. First Horizon Corp boosted its stake in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 2,049 shares during the last quarter. Versant Capital Management Inc increased its position in shares of Patterson-UTI Energy by 127.3% during the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 3,343 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Patterson-UTI Energy in the 3rd quarter valued at $37,000. Finally, Torren Management LLC acquired a new position in Patterson-UTI Energy in the 4th quarter valued at $44,000. Institutional investors and hedge funds 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.