Patterson-UTI Energy (NASDAQ:PTEN) Price Target Cut to $8.00 by Analysts at Barclays

Patterson-UTI Energy (NASDAQ:PTEN) had its target price lowered by equities researchers at Barclays from $11.00 to $8.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the oil and gas company’s stock. Barclays‘s price objective would suggest a potential upside of 30.17% from the company’s current price.

PTEN has been the topic of a number of other reports. Morgan Stanley lowered 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. Susquehanna lowered their price target on Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday, April 14th. The Goldman Sachs Group cut their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Raymond James cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. Finally, Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target of $10.88.

Patterson-UTI Energy Stock Up 0.9 %

Patterson-UTI Energy stock opened at $6.15 on Monday. Patterson-UTI Energy has a 1-year low of $5.12 and a 1-year high of $11.70. The business has a fifty day moving average price of $7.27 and a 200-day moving average price of $7.92. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The stock has a market capitalization of $2.37 billion, a price-to-earnings ratio of -2.46 and a beta of 1.60.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 230,000 shares of the company’s stock in a transaction on Friday, February 14th. The shares were sold at an average price of $8.89, for a total transaction of $2,044,700.00. Following the completion of the sale, the director now directly owns 1,549,081 shares of the company’s stock, valued at approximately $13,771,330.09. This represents a 12.93 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO William Andrew Hendricks, Jr. acquired 25,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were acquired at an average price of $7.88 per share, with a total value of $197,000.00. Following the purchase, the chief executive officer now owns 2,482,592 shares in the company, valued at $19,562,824.96. This represents a 1.02 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Patterson-UTI Energy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Tidal Investments LLC acquired a new stake in shares of Patterson-UTI Energy during the third quarter worth $186,000. Franklin Resources Inc. grew its stake in Patterson-UTI Energy by 7.5% during the 3rd quarter. Franklin Resources Inc. now owns 683,621 shares of the oil and gas company’s stock worth $5,640,000 after buying an additional 47,640 shares during the last quarter. Principal Financial Group Inc. increased its position in Patterson-UTI Energy by 12.1% in the third quarter. Principal Financial Group Inc. now owns 5,167,871 shares of the oil and gas company’s stock worth $39,535,000 after buying an additional 559,859 shares during the period. International Assets Investment Management LLC lifted its position in Patterson-UTI Energy by 3,991.5% in the 4th quarter. International Assets Investment Management LLC now owns 25,040 shares of the oil and gas company’s stock valued at $207,000 after purchasing an additional 24,428 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in Patterson-UTI Energy by 16.5% during the 4th quarter. Wedge Capital Management L L P NC now owns 360,942 shares of the oil and gas company’s stock valued at $2,981,000 after purchasing an additional 51,216 shares during the period. Institutional investors and hedge funds 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.