Patterson-UTI Energy (NASDAQ:PTEN) Given New $13.00 Price Target at Susquehanna

Patterson-UTI Energy (NASDAQ:PTEN) had its target price raised by Susquehanna from $10.00 to $13.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “positive” rating on the oil and gas company’s stock. Susquehanna’s price objective would suggest a potential upside of 19.54% from the stock’s current price.

PTEN has been the subject of several other reports. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Royal Bank Of Canada upped their price objective on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. The Goldman Sachs Group upped their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.78.

Patterson-UTI Energy Trading Up 2.7%

Patterson-UTI Energy stock traded up $0.29 during mid-day trading on Tuesday, hitting $10.88. The company’s stock had a trading volume of 804,533 shares, compared to its average volume of 11,016,623. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of -43.54 and a beta of 0.57. The business has a 50 day moving average price of $9.21 and a 200-day moving average price of $7.20. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $11.75.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.09. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.13) earnings per share. As a group, analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current year.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the company’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. O Shaughnessy Asset Management LLC grew its holdings in Patterson-UTI Energy by 11.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after purchasing an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd grew 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 worth $53,000 after purchasing an additional 1,547 shares during the period. Sage Rhino Capital LLC grew its holdings in Patterson-UTI Energy by 6.6% in the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after purchasing an additional 1,575 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock worth $2,197,000 after purchasing an additional 1,915 shares during the period. Finally, First Horizon Corp grew its holdings in Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after purchasing an additional 2,049 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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.