Patterson-UTI Energy (NASDAQ:PTEN) Downgraded to “Sell” at BidaskClub

BidaskClub lowered shares of Patterson-UTI Energy (NASDAQ:PTEN) from a hold rating to a sell rating in a research note published on Saturday morning, BidAskClub reports.

PTEN has been the subject of a number of other research reports. Barclays reiterated a hold rating and set a $9.00 price target on shares of Patterson-UTI Energy in a research report on Friday, October 25th. Bernstein Bank began coverage on Patterson-UTI Energy in a report on Tuesday, January 14th. They issued an underperform rating and a $7.50 price objective for the company. Royal Bank of Canada set a $10.00 price objective on Patterson-UTI Energy and gave the company a buy rating in a report on Friday, October 25th. Citigroup lowered Patterson-UTI Energy from a buy rating to a neutral rating and cut their price objective for the company from $12.00 to $9.50 in a report on Monday, September 30th. Finally, Deutsche Bank began coverage on Patterson-UTI Energy in a report on Wednesday, November 27th. They issued a sell rating and a $7.00 price objective for the company. Eight analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Patterson-UTI Energy currently has a consensus rating of Hold and a consensus target price of $10.87.

PTEN stock traded down $0.09 during trading on Friday, reaching $9.95. 2,916,506 shares of the company’s stock were exchanged, compared to its average volume of 2,718,596. The company has a current ratio of 1.54, a quick ratio of 1.46 and a debt-to-equity ratio of 0.34. Patterson-UTI Energy has a 1-year low of $7.67 and a 1-year high of $16.27. The company’s fifty day moving average price is $10.06 and its 200-day moving average price is $9.52.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Thursday, October 24th. The oil and gas company reported ($0.27) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.03. Patterson-UTI Energy had a negative return on equity of 3.85% and a negative net margin of 19.50%. The company had revenue of $598.50 million during the quarter, compared to analyst estimates of $604.66 million. During the same quarter in the previous year, the firm posted ($0.10) EPS. The firm’s quarterly revenue was down 31.0% on a year-over-year basis. As a group, research analysts expect that Patterson-UTI Energy will post -0.99 EPS for the current year.

In other news, Director Terry H. Hunt sold 5,900 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $10.49, for a total transaction of $61,891.00. Following the sale, the director now directly owns 91,670 shares of the company’s stock, valued at $961,618.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.00% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in PTEN. FMR LLC raised its position in Patterson-UTI Energy by 98.8% during the first quarter. FMR LLC now owns 313,654 shares of the oil and gas company’s stock valued at $4,397,000 after buying an additional 155,911 shares during the period. Parametric Portfolio Associates LLC raised its position in Patterson-UTI Energy by 4.7% during the second quarter. Parametric Portfolio Associates LLC now owns 696,036 shares of the oil and gas company’s stock valued at $8,011,000 after buying an additional 31,359 shares during the period. Invesco Ltd. raised its position in Patterson-UTI Energy by 8.9% during the second quarter. Invesco Ltd. now owns 2,772,090 shares of the oil and gas company’s stock valued at $31,907,000 after buying an additional 226,302 shares during the period. Paloma Partners Management Co acquired a new position in Patterson-UTI Energy during the second quarter valued at $875,000. Finally, AQR Capital Management LLC raised its position in Patterson-UTI Energy by 7.7% during the second quarter. AQR Capital Management LLC now owns 6,728,066 shares of the oil and gas company’s stock valued at $77,440,000 after buying an additional 478,869 shares during the period. 98.00% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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

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