Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Given Average Rating of “Hold” by Analysts

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has been given an average recommendation of “Hold” by the twelve brokerages that are currently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and three have given a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $7.2778.

A number of brokerages recently weighed in on PTEN. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Barclays reissued an “equal weight” rating and issued a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Finally, Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the sale, the director owned 207,000 shares in the company, valued at $1,215,090. The trade was a 64.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in PTEN. Nordea Investment Management AB bought a new position in shares of Patterson-UTI Energy during the 2nd quarter valued at about $3,847,000. New York State Teachers Retirement System boosted its stake in Patterson-UTI Energy by 71.9% during the third quarter. New York State Teachers Retirement System now owns 551,671 shares of the oil and gas company’s stock worth $2,858,000 after buying an additional 230,800 shares during the period. AXQ Capital LP bought a new position in Patterson-UTI Energy during the 2nd quarter valued at about $577,000. American Century Companies Inc. raised its holdings in shares of Patterson-UTI Energy by 23.4% in the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock worth $85,769,000 after buying an additional 2,746,159 shares during the period. Finally, Norges Bank purchased a new position in Patterson-UTI Energy during the 2nd quarter valued at $25,987,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $7.30 on Monday. The stock has a market cap of $2.77 billion, a P/E ratio of -20.28 and a beta of 0.72. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The business’s 50-day moving average price is $6.29 and its two-hundred day moving average price is $5.97. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $9.30.

About Patterson-UTI Energy

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.