Patterson-UTI Energy (PTEN) Price Target Raised to $31.00 at SunTrust Banks

Patterson-UTI Energy (NASDAQ:PTEN) had its price target hoisted by equities researchers at SunTrust Banks to $31.00 in a research report issued on Wednesday. The firm currently has a “buy” rating on the oil and gas company’s stock. SunTrust Banks’ price target indicates a potential upside of 45.81% from the stock’s previous close.

PTEN has been the topic of a number of other reports. Cowen set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a report on Wednesday, October 18th. Piper Jaffray Companies reiterated a “buy” rating on shares of Patterson-UTI Energy in a report on Tuesday, September 5th. Citigroup set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a report on Thursday, October 5th. J P Morgan Chase & Co upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $24.00 target price on the stock in a report on Tuesday, September 5th. Finally, Societe Generale assumed coverage on shares of Patterson-UTI Energy in a report on Thursday, August 31st. They set a “buy” rating and a $22.00 target price on the stock. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $27.00.

Shares of Patterson-UTI Energy (PTEN) traded down $0.58 during mid-day trading on Wednesday, hitting $21.26. 2,410,600 shares of the stock traded hands, compared to its average volume of 4,245,820. The company has a current ratio of 1.23, a quick ratio of 1.16 and a debt-to-equity ratio of 0.17. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $29.76.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million for the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative net margin of 14.73% and a negative return on equity of 7.31%. The firm’s quarterly revenue was up 232.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.58) EPS. equities analysts expect that Patterson-UTI Energy will post -0.81 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in PTEN. Capstone Asset Management Co. raised its holdings in shares of Patterson-UTI Energy by 3.4% in the 2nd quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock valued at $282,000 after purchasing an additional 460 shares in the last quarter. US Bancorp DE grew its position in shares of Patterson-UTI Energy by 21.7% in the 2nd quarter. US Bancorp DE now owns 33,066 shares of the oil and gas company’s stock valued at $667,000 after buying an additional 5,892 shares during the last quarter. Public Employees Retirement Association of Colorado grew its position in shares of Patterson-UTI Energy by 4.1% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 35,439 shares of the oil and gas company’s stock valued at $716,000 after buying an additional 1,386 shares during the last quarter. World Asset Management Inc grew its position in shares of Patterson-UTI Energy by 2.5% in the 2nd quarter. World Asset Management Inc now owns 12,324 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 295 shares during the last quarter. Finally, Sei Investments Co. grew its position in shares of Patterson-UTI Energy by 516.6% in the 2nd quarter. Sei Investments Co. now owns 323,246 shares of the oil and gas company’s stock valued at $6,526,000 after buying an additional 270,823 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

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Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

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

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