Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) will announce its earnings results after the market closes on Wednesday, February 14th. Analysts expect the company to announce earnings of $0.18 per share for the quarter. Investors that wish to register for the company’s conference call can do so using this link.
Patterson-UTI Energy Stock Performance
PTEN stock opened at $10.46 on Tuesday. Patterson-UTI Energy has a 12-month low of $9.70 and a 12-month high of $16.17. The company has a quick ratio of 1.19, a current ratio of 1.37 and a debt-to-equity ratio of 0.26. The business has a 50 day moving average of $10.69 and a 200-day moving average of $12.66. The firm has a market cap of $4.36 billion, a PE ratio of 7.92, a P/E/G ratio of 0.23 and a beta of 2.24.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on PTEN shares. Morgan Stanley downgraded shares of Patterson-UTI Energy from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $20.00 to $17.00 in a research note on Tuesday, October 17th. Benchmark downgraded Patterson-UTI Energy from a “buy” rating to a “hold” rating in a report on Tuesday, January 16th. The Goldman Sachs Group began coverage on Patterson-UTI Energy in a report on Tuesday, December 19th. They issued a “neutral” rating and a $12.00 price objective for the company. Piper Sandler cut their target price on Patterson-UTI Energy from $20.00 to $19.00 and set an “overweight” rating on the stock in a research note on Monday, November 13th. Finally, Susquehanna cut their target price on Patterson-UTI Energy from $18.00 to $16.00 and set a “positive” rating on the stock in a research note on Thursday, November 9th. One research analyst has rated the stock with a sell rating, four have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $16.82.
Insider Buying and Selling at Patterson-UTI Energy
In other news, Director Tiffany Thom Cepak sold 15,000 shares of the stock in a transaction on Friday, December 1st. The shares were sold at an average price of $11.78, for a total value of $176,700.00. Following the sale, the director now owns 107,081 shares of the company’s stock, valued at $1,261,414.18. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.40% of the stock is owned by company insiders.
Institutional Investors Weigh In On Patterson-UTI Energy
A number of institutional investors and hedge funds have recently bought and sold shares of the company. Morgan Stanley increased its holdings in shares of Patterson-UTI Energy by 74.1% in the 3rd quarter. Morgan Stanley now owns 5,842,439 shares of the oil and gas company’s stock valued at $80,859,000 after acquiring an additional 2,487,462 shares during the period. Vanguard Group Inc. lifted its position in Patterson-UTI Energy by 9.2% during the 1st quarter. Vanguard Group Inc. now owns 23,989,159 shares of the oil and gas company’s stock worth $371,352,000 after acquiring an additional 2,013,253 shares during the period. Bank of America Corp DE raised its stake in shares of Patterson-UTI Energy by 122.4% during the 1st quarter. Bank of America Corp DE now owns 3,042,653 shares of the oil and gas company’s stock valued at $35,599,000 after buying an additional 1,674,852 shares during the last quarter. Point72 Asset Management L.P. raised its stake in shares of Patterson-UTI Energy by 10,062.4% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,645,088 shares of the oil and gas company’s stock valued at $19,692,000 after buying an additional 1,628,900 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Patterson-UTI Energy by 84.3% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 3,474,419 shares of the oil and gas company’s stock valued at $53,784,000 after buying an additional 1,589,050 shares during the last quarter. 97.91% of the stock is owned by institutional investors.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc, through its subsidiaries, provides contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.
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