Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $10.00

Patterson-UTI Energy (NASDAQ:PTEN) had its target price cut by investment analysts at Morgan Stanley from $12.00 to $10.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective points to a potential upside of 23.00% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the stock. Barclays cut their price objective on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. Royal Bank of Canada lowered their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. Susquehanna decreased their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research note on Thursday, July 11th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Monday, August 5th. Finally, Citigroup dropped their price target on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average target price of $13.13.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN traded up $0.22 during midday trading on Monday, hitting $8.13. The company’s stock had a trading volume of 2,005,034 shares, compared to its average volume of 6,802,412. The company has a market cap of $3.20 billion, a P/E ratio of 11.93 and a beta of 2.13. Patterson-UTI Energy has a 12-month low of $7.60 and a 12-month high of $15.97. The business’s 50 day simple moving average is $9.39 and its 200 day simple moving average is $10.49. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. On average, analysts forecast that Patterson-UTI Energy will post 0.3 EPS for the current year.

Institutional Trading of Patterson-UTI Energy

Hedge funds have recently modified their holdings of the stock. Sanctuary Advisors LLC purchased a new stake in Patterson-UTI Energy during the 2nd quarter worth about $486,000. Creative Planning grew its position in shares of Patterson-UTI Energy by 32.1% during the second quarter. Creative Planning now owns 64,635 shares of the oil and gas company’s stock worth $670,000 after buying an additional 15,696 shares in the last quarter. Algert Global LLC purchased a new stake in shares of Patterson-UTI Energy during the second quarter worth approximately $1,386,000. Ninepoint Partners LP purchased a new stake in shares of Patterson-UTI Energy during the second quarter worth approximately $51,800,000. Finally, Susquehanna Fundamental Investments LLC raised its holdings in Patterson-UTI Energy by 68.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 697,712 shares of the oil and gas company’s stock valued at $7,228,000 after acquiring an additional 284,163 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

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.