Patterson-UTI Energy (NASDAQ:PTEN) Stock Picked Up by Analysts at UBS Group

Analysts at UBS Group started coverage on shares of Patterson-UTI Energy (NASDAQ:PTEN) in a research report issued on Friday, Marketbeat reports. The firm set a “neutral” rating and a $13.00 price target on the oil and gas company’s stock. UBS Group’s price target suggests a potential upside of 16.71% from the company’s previous close.

Other research analysts have also issued research reports about the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Friday, August 21st. Piper Sandler reaffirmed an “overweight” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Susquehanna increased their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “positive” rating in a research note on Monday, August 3rd. Stifel Nicolaus raised their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. Finally, The Goldman Sachs Group lifted their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.23.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock traded down $0.16 on Friday, hitting $11.14. The stock had a trading volume of 1,021,608 shares, compared to its average volume of 9,723,343. Patterson-UTI Energy has a 52-week low of $5.24 and a 52-week high of $13.39. The company has a current ratio of 1.75, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. The stock has a market cap of $4.25 billion, a price-to-earnings ratio of -48.47 and a beta of 0.77. The company’s 50 day moving average price is $11.44 and its 200 day moving average price is $11.02.

Insider Activity at Patterson-UTI Energy

In other news, CEO William Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, September 18th. The shares were sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the completion of the sale, the chief executive officer directly owned 2,042,474 shares in the company, valued at approximately $24,325,865.34. This trade represents a 10.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director James Stewart sold 207,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total value of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 1,027,000 shares of company stock valued at $12,698,780. 2.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Patterson-UTI Energy in the second quarter valued at $32,000. Rockefeller Capital Management L.P. increased its holdings in Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 4,299 shares in the last quarter. Nykredit A S acquired a new position in Patterson-UTI Energy during the second quarter worth about $56,000. Global Retirement Partners LLC grew its holdings in Patterson-UTI Energy by 4,765.4% during the 4th quarter. Global Retirement Partners LLC now owns 10,120 shares of the oil and gas company’s stock valued at $62,000 after buying an additional 9,912 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Patterson-UTI Energy by 268,475.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 10,743 shares of the oil and gas company’s stock valued at $66,000 after buying an additional 10,739 shares during the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc (NASDAQ: PTEN) is an energy services company that provides drilling and well-completion solutions to oil and natural gas exploration and production companies. Its operations support the development of unconventional and conventional wells, primarily in North America.

The company’s drilling services include contract land drilling, directional drilling, and related technologies designed to improve well placement, efficiency, and performance. Patterson-UTI also provides completion services, including pressure pumping, wireline, and other well-completion and production-support services.

Through its drilling products business, Patterson-UTI manufactures and distributes drilling equipment and downhole tools, including drill bits, drilling motors, and related products.