Patterson-UTI Energy (NASDAQ:PTEN) Upgraded at The Goldman Sachs Group

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) was upgraded by equities research analysts at The Goldman Sachs Group from a "neutral" rating to a "buy" rating in a research report issued on Friday, MarketBeat Ratings reports. The brokerage presently has a $10.00 target price on the oil and gas company's stock, down from their prior target price of $11.00. The Goldman Sachs Group's target price points to a potential upside of 29.53% from the stock's previous close.

A number of other research analysts have also commented on PTEN. Citigroup lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Susquehanna lowered their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a "positive" rating on the stock in a research report on Friday, October 11th. Raymond James cut their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set a "strong-buy" rating for the company in a report on Friday, October 25th. Morgan Stanley lowered their target price on Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, two have given a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of "Moderate Buy" and a consensus target price of $11.71.

Patterson-UTI Energy Stock Performance

PTEN stock traded up $0.10 during trading on Friday, reaching $7.72. 6,560,122 shares of the company's stock were exchanged, compared to its average volume of 7,229,441. Patterson-UTI Energy has a 1-year low of $7.38 and a 1-year high of $12.65. The firm has a market cap of $3.01 billion, a PE ratio of -3.48 and a beta of 2.12. The company's fifty day moving average price is $8.11 and its 200-day moving average price is $9.00. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. acquired a new position in Patterson-UTI Energy in the 2nd quarter worth about $152,265,000. Ninepoint Partners LP acquired a new stake in Patterson-UTI Energy in the second quarter valued at approximately $51,800,000. American Century Companies Inc. grew its position in Patterson-UTI Energy by 62.8% in the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company's stock worth $58,877,000 after acquiring an additional 2,191,330 shares in the last quarter. ARGA Investment Management LP increased its stake in shares of Patterson-UTI Energy by 1,066.6% during the 3rd quarter. ARGA Investment Management LP now owns 1,960,723 shares of the oil and gas company's stock worth $15,000,000 after purchasing an additional 1,792,655 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 2,744.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company's stock valued at $17,052,000 after purchasing an additional 1,588,067 shares in the last quarter. 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.