Patterson-UTI Energy (PTEN) – Research Analysts’ Recent Ratings Updates

Patterson-UTI Energy (NASDAQ: PTEN) recently received a number of ratings updates from brokerages and research firms:

  • 10/19/2019 – Patterson-UTI Energy was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating.
  • 10/8/2019 – Patterson-UTI Energy was downgraded by analysts at Bank of America Corp from a “buy” rating to a “neutral” rating.
  • 10/7/2019 – Patterson-UTI Energy had its price target lowered by analysts at Morgan Stanley from $14.00 to $13.00. They now have an “overweight” rating on the stock.
  • 9/30/2019 – Patterson-UTI Energy was downgraded by analysts at Citigroup Inc from a “buy” rating to a “neutral” rating. They now have a $9.50 price target on the stock, down previously from $12.00.
  • 9/26/2019 – Patterson-UTI Energy is now covered by analysts at Barclays PLC. They set an “equal weight” rating and a $10.00 price target on the stock.
  • 9/23/2019 – Patterson-UTI Energy had its price target lowered by analysts at Citigroup Inc from $13.00 to $12.00. They now have a “buy” rating on the stock.
  • 9/21/2019 – Patterson-UTI Energy was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating.
  • 9/12/2019 – Patterson-UTI Energy was downgraded by analysts at Wells Fargo & Co from a “market perform” rating to an “underperform” rating.
  • 9/10/2019 – Patterson-UTI Energy was upgraded by analysts at BidaskClub from a “sell” rating to a “hold” rating.
  • 9/4/2019 – Patterson-UTI Energy was given a new $16.00 price target on by analysts at Seaport Global Securities. They now have a “buy” rating on the stock.
  • 8/30/2019 – Patterson-UTI Energy was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating.
  • 8/28/2019 – Patterson-UTI Energy had its price target lowered by analysts at Bank of America Corp from $12.00 to $9.00. They now have a “buy” rating on the stock.

PTEN stock opened at $7.83 on Monday. The company has a market capitalization of $1.58 billion, a P/E ratio of -23.03 and a beta of 1.52. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.76 and a current ratio of 1.91. Patterson-UTI Energy, Inc. has a 52-week low of $7.67 and a 52-week high of $17.42. The business has a 50-day simple moving average of $8.77 and a two-hundred day simple moving average of $11.02.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.04. The business had revenue of $675.77 million during the quarter, compared to the consensus estimate of $670.28 million. Patterson-UTI Energy had a negative return on equity of 2.71% and a negative net margin of 11.64%. The company’s quarterly revenue was down 20.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) EPS. As a group, sell-side analysts forecast that Patterson-UTI Energy, Inc. will post -0.95 earnings per share for the current fiscal year.

In other Patterson-UTI Energy news, Director Janeen S. Judah sold 5,000 shares of Patterson-UTI Energy stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $9.05, for a total transaction of $45,250.00. Following the completion of the transaction, the director now owns 27,023 shares in the company, valued at approximately $244,558.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Curtis W. Huff purchased 25,000 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were bought at an average price of $8.08 per share, with a total value of $202,000.00. Following the purchase, the director now directly owns 162,817 shares in the company, valued at approximately $1,315,561.36. The disclosure for this purchase can be found here. 4.00% of the stock is currently owned by insiders.

Institutional investors have recently bought and sold shares of the business. Gateway Investment Advisers LLC lifted its position in shares of Patterson-UTI Energy by 21.4% during the 2nd quarter. Gateway Investment Advisers LLC now owns 59,935 shares of the oil and gas company’s stock worth $690,000 after buying an additional 10,553 shares in the last quarter. Castleark Management LLC bought a new position in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $976,000. Convergence Investment Partners LLC bought a new position in shares of Patterson-UTI Energy during the 2nd quarter worth approximately $165,000. Natixis lifted its position in shares of Patterson-UTI Energy by 48.6% during the 2nd quarter. Natixis now owns 1,190,059 shares of the oil and gas company’s stock worth $13,698,000 after buying an additional 389,379 shares in the last quarter. Finally, Riverhead Capital Management LLC lifted its position in shares of Patterson-UTI Energy by 20.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 202,554 shares of the oil and gas company’s stock worth $2,331,000 after buying an additional 34,970 shares in the last quarter. 98.69% of the stock is currently owned by hedge funds and other institutional investors.

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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