Cowen Analysts Give Patterson-UTI Energy (PTEN) a $30.00 Price Target

Patterson-UTI Energy (NASDAQ:PTEN) received a $30.00 price objective from analysts at Cowen in a research report issued on Thursday. The firm presently has a “hold” rating on the oil and gas company’s stock. Cowen’s price objective suggests a potential upside of 21.46% from the stock’s previous close.

Several other equities analysts also recently commented on PTEN. Credit Suisse Group dropped their price objective on shares of Patterson-UTI Energy from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Friday, September 22nd. SunTrust Banks reissued a “buy” rating and issued a $25.00 price objective (down previously from $33.00) on shares of Patterson-UTI Energy in a research note on Tuesday, October 3rd. Citigroup set a $24.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. Jefferies Group set a $26.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. Finally, Deutsche Bank assumed coverage on shares of Patterson-UTI Energy in a research note on Tuesday, October 10th. They issued a “buy” rating and a $25.00 price objective for the company. Seven investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $27.40.

Shares of Patterson-UTI Energy (NASDAQ PTEN) opened at $24.70 on Thursday. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. The stock has a market cap of $5,490.00, a P/E ratio of -15.94 and a beta of 1.08. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The business had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The firm’s revenue for the quarter was up 232.3% on a year-over-year basis. During the same quarter last year, the business posted ($0.58) EPS. analysts forecast that Patterson-UTI Energy will post -0.8 earnings per share for the current fiscal year.

In other news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $23.08, for a total transaction of $59,407.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.60% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA raised its stake in shares of Patterson-UTI Energy by 14.1% during the third quarter. BNP Paribas Arbitrage SA now owns 261,427 shares of the oil and gas company’s stock valued at $5,474,000 after acquiring an additional 32,293 shares during the last quarter. 361 Capital LLC raised its stake in Patterson-UTI Energy by 9.2% during the third quarter. 361 Capital LLC now owns 82,388 shares of the oil and gas company’s stock worth $1,725,000 after buying an additional 6,914 shares during the last quarter. Swiss National Bank raised its stake in Patterson-UTI Energy by 32.1% during the second quarter. Swiss National Bank now owns 357,200 shares of the oil and gas company’s stock worth $7,212,000 after buying an additional 86,800 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in Patterson-UTI Energy by 26.7% during the third quarter. Schwab Charles Investment Management Inc. now owns 771,726 shares of the oil and gas company’s stock worth $16,160,000 after buying an additional 162,677 shares during the last quarter. Finally, Thrivent Financial For Lutherans raised its stake in Patterson-UTI Energy by 42.8% during the second quarter. Thrivent Financial For Lutherans now owns 2,242,072 shares of the oil and gas company’s stock worth $45,268,000 after buying an additional 671,892 shares during the last quarter. 97.71% of the stock is owned by hedge funds and other institutional investors.

WARNING: “Cowen Analysts Give Patterson-UTI Energy (PTEN) a $30.00 Price Target” was first posted by American Banking and Market News and is owned by of American Banking and Market News. If you are reading this piece on another publication, it was copied illegally and reposted in violation of U.S. & international copyright & trademark law. The original version of this piece can be viewed at https://www.americanbankingnews.com/2018/01/14/cowen-analysts-give-patterson-uti-energy-pten-a-30-00-price-target.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.

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)