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

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its target price dropped by stock analysts at Morgan Stanley from $12.00 to $10.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an "equal weight" rating on the oil and gas company's stock. Morgan Stanley's price target indicates a potential upside of 23.00% from the company's previous close.

PTEN has been the topic of a number of other reports. Citigroup lowered their price target on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a "buy" rating on the stock in a research report on Friday. StockNews.com downgraded Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Monday, August 5th. Susquehanna cut their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a "positive" rating on the stock in a research report on Thursday, July 11th. ATB Capital reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating on the stock in a report on Wednesday, September 4th. Finally, Royal Bank of Canada decreased their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an "outperform" rating for the company in a report on Friday, July 26th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $13.13.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN traded up $0.22 during mid-day trading on Monday, reaching $8.13. 4,037,999 shares of the stock were exchanged, compared to its average volume of 6,813,840. The business's 50 day moving average is $9.36 and its 200-day moving average is $10.47. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. Patterson-UTI Energy has a 1 year low of $7.60 and a 1 year high of $15.97. The company has a market capitalization of $3.27 billion, a P/E ratio of 11.96 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last posted its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The company had revenue of $1.35 billion for the quarter, compared to analysts' expectations of $1.41 billion. On average, equities research analysts forecast that Patterson-UTI Energy will post 0.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of large investors have recently bought and sold shares of PTEN. Fortitude Family Office LLC boosted its holdings in 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 buying an additional 1,594 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in shares of Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company's stock worth $25,000 after acquiring an additional 1,307 shares during the period. Lindbrook Capital LLC raised its stake in Patterson-UTI Energy by 66.5% during the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company's stock worth $40,000 after purchasing an additional 1,332 shares during the period. Neo Ivy Capital Management acquired a new position in Patterson-UTI Energy in the fourth quarter valued at $40,000. Finally, CWM LLC lifted its stake in shares of Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company's stock valued at $48,000 after purchasing an additional 893 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

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.