Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) is set to issue its quarterly earnings data after the market closes on Wednesday, February 14th. Analysts expect the company to announce earnings of $0.18 per share for the quarter. Parties interested in registering for the company’s conference call can do so using this link.
Patterson-UTI Energy Price Performance
Patterson-UTI Energy 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 current ratio of 1.37, a quick ratio of 1.19 and a debt-to-equity ratio of 0.26. The business’s 50 day simple moving average is $10.69 and its 200 day simple moving average is $12.66. The company has a market cap of $4.36 billion, a price-to-earnings ratio of 7.92, a PEG 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. Bank of America raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and raised their target price for the company from $14.00 to $16.00 in a research note on Monday, October 16th. Raymond James decreased their price target on shares of Patterson-UTI Energy from $23.00 to $21.00 and set a “strong-buy” rating on the stock in a research note on Thursday, November 9th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Monday, November 13th. TheStreet raised shares of Patterson-UTI Energy from a “c+” rating to a “b-” rating in a research note on Thursday, October 26th. Finally, Barclays decreased their price target on shares of Patterson-UTI Energy from $18.00 to $16.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 14th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus 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 lifted its position in 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 worth $35,599,000 after acquiring an additional 1,674,852 shares during the period. Point72 Asset Management L.P. lifted its position in 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 worth $19,692,000 after acquiring an additional 1,628,900 shares during the period. 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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