Patterson-UTI Energy (NASDAQ:PTEN) Price Target Raised to $13.00 at Piper Sandler

Patterson-UTI Energy (NASDAQ:PTEN) had its price target boosted by research analysts at Piper Sandler from $12.00 to $13.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the oil and gas company’s stock. Piper Sandler’s target price suggests a potential upside of 11.12% from the stock’s current price.

Several other analysts have also recently weighed in on PTEN. Morgan Stanley upped their price objective on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Royal Bank Of Canada increased their price target on Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a research report on Monday, April 20th. The Goldman Sachs Group increased their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Wednesday, April 15th. Finally, Stifel Nicolaus lifted their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.00.

Patterson-UTI Energy Price Performance

Patterson-UTI Energy stock traded down $0.42 during mid-day trading on Wednesday, hitting $11.70. 1,548,860 shares of the company were exchanged, compared to its average volume of 10,458,683. The company has a market capitalization of $4.44 billion, a PE ratio of -37.60 and a beta of 0.64. The business has a fifty day moving average of $11.20 and a 200 day moving average of $8.54. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The company’s revenue was down 12.7% on a year-over-year basis. As a group, sell-side analysts expect that Patterson-UTI Energy will post -0.19 earnings per share for the current year.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 322,699 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $12.04, for a total value of $3,885,295.96. Following the completion of the transaction, the director directly owned 1,190,248 shares of the company’s stock, valued at approximately $14,330,585.92. This trade represents a 21.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the sale, the chief executive officer directly owned 2,823,103 shares of the company’s stock, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 808,949 shares of company stock worth $9,387,035. Company insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently made changes to their positions in PTEN. Tejara Capital Ltd raised its stake in Patterson-UTI Energy by 65.1% during the 3rd quarter. Tejara Capital Ltd now owns 554,993 shares of the oil and gas company’s stock worth $2,875,000 after buying an additional 218,856 shares during the period. Citigroup Inc. raised its position in shares of Patterson-UTI Energy by 10.3% during the third quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock worth $7,717,000 after purchasing an additional 139,561 shares during the period. Public Sector Pension Investment Board lifted its holdings in shares of Patterson-UTI Energy by 14.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,367,213 shares of the oil and gas company’s stock worth $7,082,000 after purchasing an additional 169,816 shares in the last quarter. Magnetar Financial LLC grew its position in Patterson-UTI Energy by 728.4% in the 3rd quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company’s stock valued at $1,455,000 after purchasing an additional 247,010 shares during the period. Finally, Tudor Investment Corp ET AL acquired a new stake in Patterson-UTI Energy in the 3rd quarter valued at $2,206,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.