Patterson-UTI Energy (NASDAQ:PTEN) Upgraded to “Hold” by BidaskClub

Patterson-UTI Energy (NASDAQ:PTEN) was upgraded by equities research analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Wednesday, June 26th, BidAskClub reports.

PTEN has been the subject of a number of other reports. Raymond James set a $33.00 price target on shares of LKQ and gave the company a “buy” rating in a research report on Friday, April 26th. TheStreet upgraded shares of Tupperware Brands from a “d+” rating to a “c” rating in a research report on Friday, March 15th. ValuEngine cut shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. AltaCorp Capital reaffirmed a “sector perform” rating on shares of STEP Energy Services in a research note on Thursday, June 20th. Finally, Zacks Investment Research cut shares of Great Panther Mining from a “hold” rating to a “sell” rating in a research note on Monday, March 4th. Two analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $18.19.

PTEN stock remained flat at $$10.60 during trading hours on Wednesday. The company’s stock had a trading volume of 3,294,159 shares, compared to its average volume of 3,865,903. Patterson-UTI Energy has a 52-week low of $9.49 and a 52-week high of $18.39. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.69 and a current ratio of 1.82. The company has a market cap of $2.21 billion, a P/E ratio of -31.18 and a beta of 1.43. The company’s 50 day moving average price is $11.29.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.07. The firm had revenue of $704.17 million during the quarter, compared to the consensus estimate of $694.10 million. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The business’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same period last year, the business posted ($0.16) earnings per share. On average, equities research analysts predict that Patterson-UTI Energy will post -0.8 earnings per share for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Millennium Management LLC raised its stake in Patterson-UTI Energy by 526.1% during the fourth quarter. Millennium Management LLC now owns 3,423,038 shares of the oil and gas company’s stock valued at $35,428,000 after purchasing an additional 2,876,290 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of Patterson-UTI Energy by 6,105.2% in the first quarter. BNP Paribas Arbitrage SA now owns 1,764,317 shares of the oil and gas company’s stock worth $24,736,000 after purchasing an additional 1,735,884 shares during the last quarter. Macquarie Group Ltd. grew its holdings in shares of Patterson-UTI Energy by 37.1% in the fourth quarter. Macquarie Group Ltd. now owns 6,383,533 shares of the oil and gas company’s stock worth $66,069,000 after purchasing an additional 1,726,924 shares during the last quarter. Scout Investments Inc. grew its holdings in shares of Patterson-UTI Energy by 136.6% in the first quarter. Scout Investments Inc. now owns 2,094,601 shares of the oil and gas company’s stock worth $29,366,000 after purchasing an additional 1,209,229 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Patterson-UTI Energy by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock worth $99,202,000 after purchasing an additional 1,191,714 shares during the last quarter. Institutional investors and hedge funds own 97.87% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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