Zacks Research Downgrades Patterson-UTI Energy (NASDAQ:PTEN) to Hold

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

Other analysts have also issued research reports about the company. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Friday, August 21st. Barclays lifted their price target on Patterson-UTI Energy from $15.00 to $16.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Stifel Nicolaus boosted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, June 16th. The Goldman Sachs Group increased their price objective on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Finally, KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.95.

Patterson-UTI Energy Stock Performance

PTEN opened at $12.43 on Thursday. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $13.08. The stock has a market cap of $4.74 billion, a P/E ratio of -54.04 and a beta of 0.63. The stock’s 50 day simple moving average is $10.30 and its 200 day simple moving average is $10.46. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.75 and a quick ratio of 1.57.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 207,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of the business’s stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the completion of the transaction, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at approximately $682,672.42. This represents a 19.39% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 420,670 shares of company stock valued at $4,880,957. 2.20% of the stock is owned by insiders.

Institutional Trading of Patterson-UTI Energy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP raised its holdings in Patterson-UTI Energy by 360.3% in the 3rd 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. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of Patterson-UTI Energy in the second quarter valued at $32,000. Rockefeller Capital Management L.P. increased its stake in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 4,299 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 7,171 shares during the period. Finally, Aster Capital Management DIFC Ltd boosted its holdings in Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 1,547 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.