Citigroup Trims Patterson-UTI Energy (NASDAQ:PTEN) Target Price to $11.00

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price target cut by Citigroup from $12.50 to $11.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a "buy" rating on the oil and gas company's stock. Citigroup's price objective would suggest a potential upside of 39.06% from the stock's previous close.

A number of other research firms have also recently commented on PTEN. Stifel Nicolaus cut their price target on shares of Patterson-UTI Energy from $19.00 to $16.00 and set a "buy" rating on the stock in a report on Tuesday, July 16th. Piper Sandler reduced their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research report on Monday, July 15th. StockNews.com lowered Patterson-UTI Energy from a "hold" rating to a "sell" rating in a report on Monday, August 5th. Barclays dropped their price objective on Patterson-UTI Energy from $15.00 to $14.00 and set an "overweight" rating on the stock in a research note on Friday, August 16th. Finally, Bank of America decreased their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $13.71.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN remained flat at $7.91 during trading on Friday. 4,573,320 shares of the company's stock traded hands, compared to its average volume of 6,829,513. The stock has a market cap of $3.11 billion, a PE ratio of 11.63 and a beta of 2.13. The firm's 50 day moving average price is $9.39 and its 200 day moving average price is $10.51. Patterson-UTI Energy has a twelve month low of $7.60 and a twelve month high of $16.17. 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 (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). The business had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. On average, sell-side analysts predict that Patterson-UTI Energy will post 0.3 EPS for the current year.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of large investors have recently modified their holdings of the business. Fortitude Family Office LLC raised its holdings in shares of Patterson-UTI Energy by 320.7% during the first 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. Hexagon Capital Partners LLC lifted its holdings 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 valued at $25,000 after buying an additional 1,307 shares during the period. Lindbrook Capital LLC boosted its stake 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 worth $40,000 after buying an additional 1,332 shares during the last quarter. Neo Ivy Capital Management acquired a new stake in Patterson-UTI Energy during the fourth quarter worth about $40,000. Finally, CWM LLC raised its position in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company's stock valued at $48,000 after acquiring an additional 893 shares in the last quarter. Hedge funds and other 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.