Patterson-UTI Energy (PTEN) Stock Rating Lowered by ValuEngine

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

A number of other research firms also recently issued reports on PTEN. BidaskClub upgraded Patterson-UTI Energy from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 18th. Guggenheim downgraded Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note on Friday, July 6th. BMO Capital Markets set a $23.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Wednesday, July 11th. Zacks Investment Research upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, August 28th. Finally, Susquehanna Bancshares set a $26.00 price target on Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and sixteen have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $24.33.

Shares of PTEN opened at $16.16 on Friday. The company has a current ratio of 1.68, a quick ratio of 1.54 and a debt-to-equity ratio of 0.29. Patterson-UTI Energy has a 12 month low of $14.60 and a 12 month high of $25.03. The firm has a market cap of $3.77 billion, a price-to-earnings ratio of -20.20 and a beta of 1.17.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.01). Patterson-UTI Energy had a net margin of 3.72% and a negative return on equity of 2.64%. The business had revenue of $854.42 million for the quarter, compared to analysts’ expectations of $866.96 million. During the same quarter in the prior year, the business posted ($0.46) earnings per share. The business’s revenue for the quarter was up 47.5% on a year-over-year basis. equities research analysts expect that Patterson-UTI Energy will post -0.37 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Comerica Bank lifted its position in Patterson-UTI Energy by 1.5% during the first quarter. Comerica Bank now owns 205,839 shares of the oil and gas company’s stock valued at $4,179,000 after purchasing an additional 3,092 shares in the last quarter. US Bancorp DE lifted its position in Patterson-UTI Energy by 9.5% during the first quarter. US Bancorp DE now owns 35,950 shares of the oil and gas company’s stock valued at $629,000 after purchasing an additional 3,129 shares in the last quarter. Rhumbline Advisers lifted its position in Patterson-UTI Energy by 0.9% during the second quarter. Rhumbline Advisers now owns 405,338 shares of the oil and gas company’s stock valued at $7,296,000 after purchasing an additional 3,431 shares in the last quarter. Arizona State Retirement System lifted its position in Patterson-UTI Energy by 2.4% during the second quarter. Arizona State Retirement System now owns 153,996 shares of the oil and gas company’s stock valued at $2,772,000 after purchasing an additional 3,645 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its position in Patterson-UTI Energy by 18.1% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 24,800 shares of the oil and gas company’s stock valued at $434,000 after purchasing an additional 3,800 shares in the last quarter. Institutional investors own 96.43% of the company’s stock.

Patterson-UTI Energy Company Profile

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.

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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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