Patterson-UTI Energy (NASDAQ:PTEN) Upgraded by JPMorgan Chase & Co. to Neutral Rating

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research note issued on Friday, Marketbeat.com reports. The brokerage currently has a $12.00 price target on the oil and gas company’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 21.83% from the stock’s current price.

Several other equities research analysts have also recently weighed in on PTEN. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Royal Bank Of Canada increased their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Finally, Piper Sandler upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price objective for the company in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $12.75.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $9.85 on Friday. The firm has a market cap of $3.74 billion, a price-to-earnings ratio of -42.83 and a beta of 0.62. The company has a 50 day moving average of $10.37 and a 200-day moving average of $9.92. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported ($0.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.15 billion. Patterson-UTI Energy had a negative net margin of 1.92% and a negative return on equity of 1.67%. The company’s revenue for the quarter was up .7% on a year-over-year basis. During the same period in the prior year, the business earned ($0.13) earnings per share. On average, equities analysts forecast that Patterson-UTI Energy will post -0.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the transaction, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, the director owned 77,462 shares of the company’s stock, valued at $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 435,145 shares of company stock valued at $5,074,506 over the last quarter. 2.20% of the stock is owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

A number of large investors have recently made changes to their positions in PTEN. Quarry LP lifted its holdings in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 3,862 shares in the last quarter. First Horizon Corp increased its holdings 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 worth $34,000 after acquiring an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in shares of Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 4,299 shares during the period. Torren Management LLC acquired a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $44,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 7,171 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

More Patterson-UTI Energy News

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Zacks upgraded PTEN from “hold” to “strong-buy,” potentially improving sentiment and attracting additional buying interest. Zacks.com
• Positive Sentiment: Second-quarter revenue reached $1.23 billion, beating estimates of approximately $1.15 billion and rising 0.7% year over year. The company’s loss also narrowed substantially from the prior-year period. Patterson-UTI Energy Fiscal Q2 Loss Narrows, Revenue Rises
• Positive Sentiment: Management’s earnings call highlighted pricing power, suggesting Patterson-UTI may be improving its ability to protect or raise service pricing despite challenging conditions in the oilfield-services market. Patterson-UTI Energy Q2 Call Shows Pricing Power
• Positive Sentiment: The company declared a $0.10-per-share quarterly dividend, equivalent to $0.40 annually and an indicated yield of about 4.1%, supporting the stock’s income appeal.
• Neutral Sentiment: Reported results varied by presentation: adjusted earnings were described as breakeven and ahead of estimates, while GAAP EPS was a $0.05 loss. Investors will likely focus on the quality and sustainability of the improvement. Patterson-UTI Q2 Earnings
• Negative Sentiment: GAAP EPS missed consensus by $0.01, and Patterson-UTI continues to report a negative net margin and negative return on equity. Persistent losses and oilfield-sector cyclicality remain important risks.

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.