Patterson-UTI Energy’s (PTEN) Neutral Rating Reaffirmed at Citigroup

Patterson-UTI Energy (NASDAQ:PTEN)‘s stock had its “neutral” rating reiterated by stock analysts at Citigroup in a research note issued on Monday, MarketBeat reports. They presently have a $6.50 price target on the oil and gas company’s stock. Citigroup’s price target points to a potential upside of 11.30% from the stock’s previous close.

A number of other equities analysts have also commented on PTEN. Susquehanna reduced their price objective on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday, April 14th. Morgan Stanley decreased their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday, May 16th. Stifel Nicolaus dropped their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. The Goldman Sachs Group reduced their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. Finally, Barclays lowered their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating for the company in a report on Monday, April 28th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $9.82.

Patterson-UTI Energy Trading Down 1.5%

Shares of Patterson-UTI Energy stock opened at $5.84 on Monday. Patterson-UTI Energy has a 12-month low of $5.12 and a 12-month high of $11.68. The stock has a market capitalization of $2.25 billion, a P/E ratio of -2.36 and a beta of 1.33. The company has a 50-day simple moving average of $6.60 and a 200 day simple moving average of $7.68. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.04. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The company’s revenue was down 15.2% on a year-over-year basis. During the same quarter last year, the business posted $0.15 earnings per share. Research analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This represents a 1.02% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the transaction, the director now directly owns 85,475 shares of the company’s stock, valued at $634,224.50. This represents a 36.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently modified their holdings of the stock. WFA Asset Management Corp bought a new position in Patterson-UTI Energy in the fourth quarter valued at approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Patterson-UTI Energy by 1,443.0% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company’s stock worth $29,000 after buying an additional 3,218 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in Patterson-UTI Energy during the fourth quarter worth $39,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at $42,000. Finally, Smartleaf Asset Management LLC grew its position in shares of Patterson-UTI Energy by 43.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock valued at $46,000 after acquiring an additional 1,717 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.