Stifel Nicolaus Has Lowered Expectations for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its target price decreased by analysts at Stifel Nicolaus from $14.00 to $13.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Stifel Nicolaus’ price objective points to a potential upside of 48.40% from the stock’s previous close.

A number of other equities analysts have also recently commented on the stock. Citigroup decreased their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Royal Bank of Canada decreased their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and dropped their target price for the company from $11.00 to $10.00 in a report on Friday, December 13th. Barclays decreased their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $11.63.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded up $0.19 on Monday, reaching $8.76. 1,362,930 shares of the company’s stock traded hands, compared to its average volume of 4,639,555. The stock has a market cap of $3.42 billion, a PE ratio of -4.00 and a beta of 2.09. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy has a 12 month low of $7.15 and a 12 month high of $12.65. The stock has a 50-day simple moving average of $8.02 and a 200 day simple moving average of $8.70.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the sale, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Several large investors have recently bought and sold shares of PTEN. State Street Corp boosted its holdings in shares of Patterson-UTI Energy by 9.6% in the 3rd quarter. State Street Corp now owns 15,435,258 shares of the oil and gas company’s stock worth $118,080,000 after purchasing an additional 1,352,840 shares during the period. Stifel Financial Corp grew its holdings in shares of Patterson-UTI Energy by 103.2% in the third quarter. Stifel Financial Corp now owns 84,307 shares of the oil and gas company’s stock worth $645,000 after purchasing an additional 42,824 shares during the last quarter. Grace & White Inc. NY increased its position in shares of Patterson-UTI Energy by 668.6% during the third quarter. Grace & White Inc. NY now owns 279,768 shares of the oil and gas company’s stock worth $2,140,000 after acquiring an additional 243,368 shares during the period. Signaturefd LLC lifted its stake in Patterson-UTI Energy by 64.5% in the third quarter. Signaturefd LLC now owns 18,963 shares of the oil and gas company’s stock worth $145,000 after acquiring an additional 7,432 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of Patterson-UTI Energy by 12.1% during the 3rd quarter. Victory Capital Management Inc. now owns 881,036 shares of the oil and gas company’s stock worth $6,740,000 after acquiring an additional 95,289 shares in the last quarter. 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.