Patterson-UTI Energy (NASDAQ:PTEN) Stock Rating Lowered by StockNews.com

Patterson-UTI Energy (NASDAQ:PTEN) was downgraded by analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

Other research analysts have also recently issued reports about the company. Evercore ISI decreased their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Susquehanna restated a “positive” rating and set a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Bank of America decreased their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Finally, Piper Sandler decreased their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating on the stock in a research note on Monday, May 6th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.82.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $10.13 on Tuesday. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a 52 week low of $9.68 and a 52 week high of $16.17. The stock has a market capitalization of $4.07 billion, a PE ratio of 14.90 and a beta of 2.19. The stock’s 50-day moving average price is $10.60 and its 200-day moving average price is $11.01.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.02. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. During the same period in the previous year, the firm posted $0.46 EPS. As a group, equities analysts expect that Patterson-UTI Energy will post 0.56 EPS for the current fiscal year.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the stock in a transaction on Monday, May 20th. The stock was sold at an average price of $11.55, for a total value of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares of the company’s stock, valued at $23,191,187.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the company. Fortitude Family Office LLC grew its holdings in shares of Patterson-UTI Energy by 320.7% during the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,594 shares during the last quarter. Lindbrook Capital LLC grew its holdings in shares of Patterson-UTI Energy by 66.5% during the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares during the last quarter. Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy during the fourth quarter worth about $40,000. CWM LLC grew its holdings in shares of Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after buying an additional 893 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in shares of Patterson-UTI Energy during the first quarter worth about $56,000. Hedge funds and other 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.