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

Patterson-UTI Energy (NASDAQ:PTEN) had its price target dropped by analysts at Susquehanna from $13.00 to $10.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “positive” rating on the oil and gas company’s stock. Susquehanna’s price target suggests a potential upside of 20.63% from the company’s previous close.

PTEN has been the subject of a number of other research reports. StockNews.com upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Friday, October 4th. Stifel Nicolaus dropped their price objective on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, July 16th. Citigroup dropped their price target on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Barclays dropped their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “overweight” rating for the company in a research note on Friday, August 16th. Finally, Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating for the company in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, three have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target of $12.71.

Patterson-UTI Energy Trading Up 2.7 %

Shares of NASDAQ:PTEN opened at $8.29 on Friday. The company has a market cap of $3.33 billion, a P/E ratio of 12.19 and a beta of 2.12. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.50 and a quick ratio of 1.30. Patterson-UTI Energy has a 1 year low of $7.45 and a 1 year high of $14.26. The stock’s fifty day moving average price is $8.53 and its 200-day moving average price is $10.00.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The firm had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. Sell-side analysts expect that Patterson-UTI Energy will post 0.28 earnings per share for the current year.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. CWM LLC increased its holdings in Patterson-UTI Energy by 28.5% during the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 893 shares during the period. InTrack Investment Management Inc boosted its position in shares of Patterson-UTI Energy by 3.2% in the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock worth $341,000 after purchasing an additional 1,037 shares in the last quarter. Hexagon Capital Partners LLC boosted its position in shares of Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 1,307 shares in the last quarter. Fortitude Family Office LLC boosted its position in shares of Patterson-UTI Energy by 320.7% in 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 in the last quarter. Finally, Sage Rhino Capital LLC boosted its position in shares of Patterson-UTI Energy by 15.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock worth $131,000 after purchasing an additional 1,724 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

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.