Patterson-UTI Energy (NASDAQ:PTEN) Given New $9.00 Price Target at Citigroup

Patterson-UTI Energy (NASDAQ:PTEN) had its price target upped by Citigroup from $7.00 to $9.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas company’s stock. Citigroup’s target price would indicate a potential upside of 1.98% from the company’s previous close.

A number of other brokerages also recently issued reports on PTEN. JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Stifel Nicolaus upped their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday. Tudor Pickering cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Finally, Piper Sandler increased their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Monday. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy presently has an average rating of “Hold” and an average target price of $8.00.

Patterson-UTI Energy Trading Up 1.9%

PTEN traded up $0.17 on Monday, hitting $8.83. The company had a trading volume of 4,396,502 shares, compared to its average volume of 11,628,524. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $9.30. The company has a market cap of $3.35 billion, a PE ratio of -35.34 and a beta of 0.75. The business’s fifty day simple moving average is $6.70 and its 200 day simple moving average is $6.08.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same period last year, the business posted ($0.13) EPS. Patterson-UTI Energy’s quarterly revenue was down 1.0% on a year-over-year basis. Equities research analysts expect that Patterson-UTI Energy will post -0.1 EPS for the current year.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the transaction, the director directly owned 207,000 shares in the company, valued at approximately $1,215,090. This represents a 64.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP lifted its position in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 3,862 shares during the last quarter. Versant Capital Management Inc increased its position in Patterson-UTI Energy by 127.3% during the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 3,343 shares during the period. First Horizon Corp raised its stake in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in Patterson-UTI Energy in the third quarter valued at about $37,000. Finally, Torren Management LLC bought a new position in shares of Patterson-UTI Energy during the fourth quarter worth $44,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.