Patterson-UTI Energy (NASDAQ:PTEN) Rating Lowered to Sell at StockNews.com

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a report released on Saturday.

PTEN has been the subject of a number of other reports. Piper Sandler reduced their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. ATB Capital reduced their price target 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. Susquehanna reduced their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday. Bank of America decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. Finally, Stifel Nicolaus decreased their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday. 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $12.71.

Patterson-UTI Energy Trading Up 2.7 %

NASDAQ PTEN opened at $8.29 on Friday. Patterson-UTI Energy has a 52 week low of $7.45 and a 52 week high of $14.26. The company has a market cap of $3.33 billion, a price-to-earnings ratio of 12.19 and a beta of 2.12. The business has a 50 day moving average price of $8.53 and a 200-day moving average price of $9.99. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $1.41 billion. As a group, equities analysts expect that Patterson-UTI Energy will post 0.28 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds have recently modified their holdings of the business. Creative Planning increased its stake in Patterson-UTI Energy by 101.4% in the 3rd quarter. Creative Planning now owns 130,205 shares of the oil and gas company’s stock worth $996,000 after buying an additional 65,570 shares in the last quarter. Viking Fund Management LLC boosted its holdings in shares of Patterson-UTI Energy by 10.0% in the 3rd quarter. Viking Fund Management LLC now owns 110,000 shares of the oil and gas company’s stock worth $842,000 after purchasing an additional 10,000 shares during the period. Somerset Trust Co purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at $118,000. SG Americas Securities LLC boosted its position in shares of Patterson-UTI Energy by 218.3% during the third quarter. SG Americas Securities LLC now owns 157,776 shares of the oil and gas company’s stock valued at $1,207,000 after buying an additional 108,203 shares during the period. Finally, Massmutual Trust Co. FSB ADV increased its stake in Patterson-UTI Energy by 250.4% in the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 3,087 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

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.