Stifel Nicolaus Lowers Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $12.00

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) had its price target reduced by stock analysts at Stifel Nicolaus from $13.00 to $12.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the oil and gas company's stock. Stifel Nicolaus' target price would indicate a potential upside of 96.88% from the company's current price.

Several other brokerages have also commented on PTEN. Raymond James lowered Patterson-UTI Energy from a "strong-buy" rating to a "market perform" rating in a research note on Monday, January 6th. Susquehanna dropped their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a "positive" rating for the company in a research report on Monday. Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set an "equal weight" rating on the stock in a report on Thursday, March 27th. Finally, The Goldman Sachs Group dropped their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $11.21.

Patterson-UTI Energy Trading Up 4.5 %

Shares of PTEN stock traded up $0.27 on Tuesday, reaching $6.10. 18,648,839 shares of the stock were exchanged, compared to its average volume of 8,714,892. The company has a quick ratio of 1.34, a current ratio of 1.54 and a debt-to-equity ratio of 0.35. The stock has a market cap of $2.35 billion, a P/E ratio of -2.47 and a beta of 1.60. The firm has a 50 day moving average of $7.57 and a two-hundred day moving average of $8.00. Patterson-UTI Energy has a 1-year low of $5.12 and a 1-year high of $11.70.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 48,149 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the completion of the transaction, the director now directly owns 85,475 shares of the company's stock, valued at approximately $634,224.50. This represents a 36.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Andrew Hendricks, Jr. purchased 25,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the acquisition, the chief executive officer now owns 2,482,592 shares in the company, valued at approximately $19,562,824.96. The trade was a 1.02 % increase in their position. The disclosure for this purchase can be found here. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Pacer Advisors Inc. raised 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 worth $182,518,000 after purchasing an additional 2,123,659 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock valued at $140,046,000 after buying an additional 7,989,877 shares in the last quarter. ARGA Investment Management LP grew its holdings in Patterson-UTI Energy by 421.0% during 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 acquiring an additional 8,254,137 shares during the period. American Century Companies Inc. raised its position in Patterson-UTI Energy by 13.5% in the fourth quarter. American Century Companies Inc. now owns 9,636,471 shares of the oil and gas company's stock worth $79,597,000 after acquiring an additional 1,144,094 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Patterson-UTI Energy by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 8,980,881 shares of the oil and gas company's stock valued at $68,717,000 after purchasing an additional 478,064 shares in the last quarter. 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.