Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by equities researchers at TheStreet from a “d+” rating to a “c-” rating in a report released on Monday.
A number of other research firms have also recently weighed in on PTEN. Jefferies Group set a $26.00 price target on Patterson-UTI Energy and gave the company a “buy” rating in a report on Thursday, October 5th. Deutsche Bank began coverage on Patterson-UTI Energy in a report on Tuesday, October 10th. They set a “buy” rating and a $25.00 target price on the stock. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Wednesday, October 11th. Citigroup set a $24.00 target price on Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. Finally, SunTrust Banks reissued a “buy” rating and set a $25.00 target price (down previously from $33.00) on shares of Patterson-UTI Energy in a report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and seventeen have assigned a buy rating to the stock. Patterson-UTI Energy currently has an average rating of “Buy” and a consensus price target of $26.71.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at $21.26 on Monday. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. Patterson-UTI Energy has a twelve month low of $14.83 and a twelve month high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to analysts’ expectations of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The business’s revenue for the quarter was up 232.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.58) earnings per share. equities analysts anticipate that Patterson-UTI Energy will post -0.81 earnings per share for the current year.
A number of large investors have recently modified their holdings of PTEN. Riverhead Capital Management LLC boosted its holdings in Patterson-UTI Energy by 86.2% in the second quarter. Riverhead Capital Management LLC now owns 10,053 shares of the oil and gas company’s stock worth $203,000 after purchasing an additional 4,653 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Patterson-UTI Energy by 11.7% during the second quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock valued at $210,000 after buying an additional 1,089 shares during the last quarter. Madden Advisory Services Inc. acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at about $236,000. Gluskin Sheff & Assoc Inc. raised its position in shares of Patterson-UTI Energy by 7.1% during the second quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock valued at $237,000 after buying an additional 780 shares during the last quarter. Finally, Pacad Investment Ltd. acquired a new position in shares of Patterson-UTI Energy during the second quarter valued at about $246,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.
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.
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