Evercore ISI Lowers Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $17.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price target decreased by analysts at Evercore ISI from $18.00 to $17.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the oil and gas company’s stock. Evercore ISI’s price objective suggests a potential upside of 59.18% from the stock’s previous close.

A number of other brokerages have also issued reports on PTEN. Susquehanna reissued 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 lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, January 16th. Raymond James reduced their price target on shares of Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research note on Friday, February 16th. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. Finally, Bank of America reduced their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research report on Monday, April 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $16.08.

Patterson-UTI Energy Price Performance

Shares of Patterson-UTI Energy stock opened at $10.68 on Friday. Patterson-UTI Energy has a one year low of $9.70 and a one year high of $16.17. The stock has a market cap of $4.31 billion, a P/E ratio of 15.71, a P/E/G ratio of 1.51 and a beta of 2.23. The stock’s fifty day moving average is $11.63 and its 200 day moving average is $11.48. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.24 and a current ratio of 1.41.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results 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. Patterson-UTI Energy had a return on equity of 7.58% and a net margin of 4.07%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter last year, the business posted $0.46 earnings per share. Sell-side analysts anticipate that Patterson-UTI Energy will post 0.59 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now directly owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is owned by corporate 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. Capital Advisors Ltd. LLC purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at $25,000. Fortitude Family Office LLC boosted its stake in shares of Patterson-UTI Energy by 320.7% during the 1st 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. CWM LLC grew its holdings in shares of Patterson-UTI Energy by 40.9% during the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock worth $38,000 after buying an additional 791 shares in the last quarter. Lindbrook Capital LLC raised its position in shares of Patterson-UTI Energy by 66.5% in the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 1,332 shares during the last quarter. Finally, Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy during the fourth quarter valued at approximately $40,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.