Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $9.00 by Analysts at Morgan Stanley

Patterson-UTI Energy (NASDAQ:PTEN) had its price target lowered by analysts at Morgan Stanley from $10.00 to $9.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s target price points to a potential upside of 7.53% from the company’s previous close.

A number of other research firms have also recently issued reports on PTEN. Stifel Nicolaus cut their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. The Goldman Sachs Group upgraded Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price target for the stock from $11.00 to $10.00 in a report on Friday, December 13th. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a 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 price target of $11.54.

Patterson-UTI Energy Stock Down 2.3 %

Shares of Patterson-UTI Energy stock traded down $0.20 during trading on Thursday, reaching $8.37. 2,978,131 shares of the company traded hands, compared to its average volume of 8,044,555. The firm has a market capitalization of $3.23 billion, a PE ratio of -3.39 and a beta of 1.99. Patterson-UTI Energy has a 1-year low of $7.03 and a 1-year high of $12.65. The company has a 50 day moving average price of $8.37 and a 200-day moving average price of $8.19. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 48,149 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the sale, the director now owns 85,475 shares in the company, valued at approximately $634,224.50. This trade represents a 36.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the business’s stock in a transaction dated Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the transaction, the director now owns 1,549,081 shares in the company, valued at approximately $13,771,330.09. The trade was a 12.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of hedge funds have recently modified their holdings of the stock. ARGA Investment Management LP increased its position in Patterson-UTI Energy by 421.0% in the fourth quarter. ARGA Investment Management LP now owns 10,214,860 shares of the oil and gas company’s stock worth $84,375,000 after buying an additional 8,254,137 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in Patterson-UTI Energy by 89.1% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company’s stock worth $140,046,000 after acquiring an additional 7,989,877 shares during the last quarter. Norges Bank bought a new stake in Patterson-UTI Energy in the 4th quarter valued at about $52,817,000. Pacer Advisors Inc. lifted its holdings in Patterson-UTI Energy by 10.6% during the fourth quarter. Pacer Advisors Inc. now owns 22,096,553 shares of the oil and gas company’s stock valued at $182,518,000 after purchasing an additional 2,123,659 shares during the last quarter. Finally, Freestone Grove Partners LP purchased a new position in shares of Patterson-UTI Energy in the fourth quarter worth about $14,403,000. Institutional investors own 97.91% of the company’s stock.

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.