Patterson-UTI Energy, Inc. (PTEN) Coverage Initiated at Deutsche Bank AG

Investment analysts at Deutsche Bank AG began coverage on shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in a research note issued to investors on Tuesday. The brokerage set a “buy” rating and a $25.00 price target on the oil and gas company’s stock. Deutsche Bank AG’s price target suggests a potential upside of 17.32% from the stock’s current price.

PTEN has been the topic of several other research reports. UBS AG restated a “buy” rating and issued a $25.00 price objective (down previously from $35.00) on shares of Patterson-UTI Energy in a research note on Monday, July 31st. They noted that the move was a valuation call. Piper Jaffray Companies restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Tuesday, September 5th. BidaskClub upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. Citigroup Inc. set a $24.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research note on Thursday, October 5th. Finally, J P Morgan Chase & Co upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 price objective on the stock in a research note on Tuesday, September 5th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eighteen have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $26.82.

Patterson-UTI Energy (PTEN) opened at 21.31 on Tuesday. The company has a 50 day moving average price of $18.64 and a 200-day moving average price of $20.28. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $29.76. The company’s market capitalization is $4.51 billion.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.09. The firm had revenue of $579.00 million during the quarter, compared to analysts’ expectations of $556.47 million. Patterson-UTI Energy had a negative return on equity of 10.03% and a negative net margin of 23.78%. The business’s quarterly revenue was up 198.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.58) earnings per share. On average, equities analysts anticipate that Patterson-UTI Energy will post ($0.90) earnings per share for the current fiscal year.

WARNING: “Patterson-UTI Energy, Inc. (PTEN) Coverage Initiated at Deutsche Bank AG” was reported by Markets Daily and is the property of of Markets Daily. If you are accessing this piece on another site, it was stolen and republished in violation of United States and international copyright law. The legal version of this piece can be accessed at https://www.themarketsdaily.com/2017/10/12/patterson-uti-energy-inc-pten-coverage-initiated-at-deutsche-bank-ag.html.

Several hedge funds have recently modified their holdings of PTEN. Sei Investments Co. boosted its holdings in shares of Patterson-UTI Energy by 25.8% in the 1st quarter. Sei Investments Co. now owns 52,423 shares of the oil and gas company’s stock valued at $1,272,000 after purchasing an additional 10,739 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of Patterson-UTI Energy by 16.9% in the 1st quarter. Prudential Financial Inc. now owns 115,219 shares of the oil and gas company’s stock valued at $2,797,000 after purchasing an additional 16,660 shares in the last quarter. Schroder Investment Management Group boosted its holdings in shares of Patterson-UTI Energy by 16.6% in the 1st quarter. Schroder Investment Management Group now owns 56,307 shares of the oil and gas company’s stock valued at $1,368,000 after purchasing an additional 8,026 shares in the last quarter. United Services Automobile Association boosted its holdings in shares of Patterson-UTI Energy by 0.5% in the 1st quarter. United Services Automobile Association now owns 201,090 shares of the oil and gas company’s stock valued at $4,880,000 after purchasing an additional 1,090 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its holdings in shares of Patterson-UTI Energy by 1.7% in the 1st quarter. OppenheimerFunds Inc. now owns 786,255 shares of the oil and gas company’s stock valued at $19,082,000 after purchasing an additional 13,380 shares in the last quarter. 98.56% of the stock is currently owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

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

Receive News & Ratings for Patterson-UTI Energy Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply