Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $10.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price target decreased by equities researchers at Susquehanna from $13.00 to $10.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “positive” rating on the oil and gas company’s stock. Susquehanna’s price target points to a potential upside of 20.63% from the stock’s previous close.

PTEN has been the topic of a number of other research reports. ATB Capital decreased their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Barclays reduced their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. StockNews.com upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Friday, October 4th. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a report on Tuesday, July 16th. Finally, Morgan Stanley cut their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $12.71.

Patterson-UTI Energy Trading Up 2.7 %

Shares of Patterson-UTI Energy stock opened at $8.29 on Friday. The business has a fifty day simple moving average of $8.53 and a two-hundred day simple moving average of $10.00. Patterson-UTI Energy has a 1 year low of $7.45 and a 1 year high of $14.26. The company has a market capitalization of $3.33 billion, a price-to-earnings ratio of 12.19 and a beta of 2.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The firm had revenue of $1.35 billion for the quarter, compared to analyst estimates of $1.41 billion. Research analysts forecast that Patterson-UTI Energy will post 0.28 EPS for the current year.

Institutional Investors Weigh In On Patterson-UTI Energy

Several large investors have recently added to or reduced their stakes in PTEN. Pacer Advisors Inc. purchased a new stake in Patterson-UTI Energy in the 2nd quarter worth about $152,265,000. Ninepoint Partners LP bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at about $51,800,000. American Century Companies Inc. raised its holdings in shares of Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after buying an additional 2,191,330 shares in the last quarter. Webs Creek Capital Management LP purchased a new position in shares of Patterson-UTI Energy during the 1st quarter valued at about $24,116,000. Finally, Vanguard Group Inc. raised its holdings in shares of Patterson-UTI Energy by 4.3% during the 4th quarter. Vanguard Group Inc. now owns 45,041,600 shares of the oil and gas company’s stock valued at $486,449,000 after buying an additional 1,847,468 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.