Societe Generale cut shares of Patterson-UTI (NASDAQ:PTEN) from a buy rating to a hold rating in a research report report published on Thursday, MarketBeat.com reports. They currently have $22.00 price target on the oil and gas company’s stock.

A number of other analysts have also weighed in on PTEN. BMO Capital Markets raised shares of Patterson-UTI from a market perform rating to a buy rating in a report on Wednesday, February 14th. Stephens started coverage on shares of Patterson-UTI in a report on Tuesday, January 9th. They issued an overweight rating and a $29.00 price target for the company. Zacks Investment Research lowered shares of Patterson-UTI from a hold rating to a sell rating in a report on Tuesday, February 20th. ValuEngine lowered shares of Patterson-UTI from a hold rating to a sell rating in a report on Friday, February 2nd. Finally, BidaskClub raised shares of Patterson-UTI from a hold rating to a buy rating in a report on Saturday, January 13th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eighteen have issued a buy rating to the company. The stock currently has a consensus rating of Buy and an average target price of $25.88.

NASDAQ:PTEN opened at $19.99 on Thursday. Patterson-UTI has a 1 year low of $14.83 and a 1 year high of $25.03. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.37 and a quick ratio of 1.24.

Patterson-UTI (NASDAQ:PTEN) last posted its earnings results on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). Patterson-UTI had a net margin of 0.25% and a negative return on equity of 4.82%. The firm had revenue of $787.33 million during the quarter, compared to the consensus estimate of $764.84 million. During the same quarter last year, the firm posted ($0.53) EPS. The business’s revenue was up 218.9% on a year-over-year basis. equities research analysts predict that Patterson-UTI will post 0.02 EPS for the current year.

In other Patterson-UTI news, Director Terry H. Hunt sold 10,000 shares of Patterson-UTI stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total transaction of $194,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.60% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in PTEN. Millennium Management LLC grew its holdings in shares of Patterson-UTI by 601.6% in the 4th quarter. Millennium Management LLC now owns 4,059,127 shares of the oil and gas company’s stock valued at $93,401,000 after buying an additional 3,480,569 shares during the period. BlackRock Inc. grew its holdings in shares of Patterson-UTI by 10.4% in the 4th quarter. BlackRock Inc. now owns 20,590,666 shares of the oil and gas company’s stock valued at $473,793,000 after buying an additional 1,941,119 shares during the period. Wells Fargo & Company MN grew its holdings in shares of Patterson-UTI by 13.4% in the 4th quarter. Wells Fargo & Company MN now owns 9,088,648 shares of the oil and gas company’s stock valued at $209,129,000 after buying an additional 1,075,640 shares during the period. SG Capital Management LLC acquired a new position in shares of Patterson-UTI in the 4th quarter valued at $14,186,000. Finally, Jennison Associates LLC grew its holdings in shares of Patterson-UTI by 15.1% in the 4th quarter. Jennison Associates LLC now owns 4,679,964 shares of the oil and gas company’s stock valued at $107,686,000 after buying an additional 612,235 shares during the period. 99.63% of the stock is owned by institutional investors.

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About Patterson-UTI

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

Analyst Recommendations for Patterson-UTI (NASDAQ:PTEN)

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