Patterson-UTI Energy (NASDAQ:PTEN) PT Lowered to $11.00

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price target lowered by ATB Capital from $12.00 to $11.00 in a report released on Wednesday, Benzinga reports. The firm currently has an "outperform" rating on the oil and gas company's stock. ATB Capital's target price would indicate a potential upside of 30.18% from the company's current price.

Other research analysts have also issued reports about the company. StockNews.com lowered Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Monday, August 5th. Piper Sandler decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Monday, July 15th. Bank of America lowered their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a research note on Monday, July 15th. Susquehanna cut their price target on shares of 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. Finally, Stifel Nicolaus lowered their price objective on shares of 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. One research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $14.29.

Patterson-UTI Energy Stock Down 3.2 %

Shares of NASDAQ PTEN traded down $0.28 during mid-day trading on Wednesday, reaching $8.45. 6,011,240 shares of the company were exchanged, compared to its average volume of 6,862,492. Patterson-UTI Energy has a 1 year low of $8.40 and a 1 year high of $16.17. The firm has a 50-day moving average of $9.69 and a 200 day moving average of $10.68. The stock has a market cap of $3.32 billion, a price-to-earnings ratio of 12.43 and a beta of 2.13. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last released its quarterly 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). The firm had revenue of $1.35 billion during the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. On average, research analysts expect that Patterson-UTI Energy will post 0.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PTEN. Vanguard Group Inc. increased its holdings in shares of Patterson-UTI Energy by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company's stock worth $556,352,000 after buying an additional 1,554,020 shares during the last quarter. Pacer Advisors Inc. acquired a new stake in Patterson-UTI Energy during the second quarter worth $152,265,000. Allspring Global Investments Holdings LLC raised its position in Patterson-UTI Energy by 10.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 7,303,828 shares of the oil and gas company's stock valued at $87,208,000 after purchasing an additional 703,536 shares during the period. Deprince Race & Zollo Inc. lifted its stake in shares of Patterson-UTI Energy by 14.7% in the 2nd quarter. Deprince Race & Zollo Inc. now owns 6,069,499 shares of the oil and gas company's stock valued at $62,880,000 after purchasing an additional 778,581 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company's stock worth $58,877,000 after purchasing an additional 2,191,330 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

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.