Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $9.17, but opened at $9.75. Patterson-UTI Energy shares last traded at $9.2920, with a volume of 931,748 shares trading hands.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on PTEN shares. Barclays upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $10.00 to $15.00 in a research note on Thursday, May 7th. Piper Sandler upgraded Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 target price for the company in a report on Tuesday, July 14th. Susquehanna lowered their target price on Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating for the company in a research note on Wednesday, July 8th. Weiss Ratings restated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Finally, Morgan Stanley increased their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Hold” and a consensus target price of $12.15.
View Our Latest Report on Patterson-UTI Energy
Patterson-UTI Energy Trading Up 2.2%
Insider Buying and Selling at Patterson-UTI Energy
In related news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the transaction, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. This trade represents a 26.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, the director owned 77,462 shares in the company, valued at $952,007.98. This represents a 11.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is owned by insiders.
Institutional Investors Weigh In On Patterson-UTI Energy
Several large investors have recently modified their holdings of PTEN. Royal Bank of Canada increased its holdings in shares of Patterson-UTI Energy by 23.7% in the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after acquiring an additional 32,622 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Patterson-UTI Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after purchasing an additional 10,142 shares during the period. Goldman Sachs Group Inc. grew its position in Patterson-UTI Energy by 4.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after purchasing an additional 220,422 shares during the last quarter. United Services Automobile Association purchased a new position in Patterson-UTI Energy during the 1st quarter worth $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after purchasing an additional 30,217 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.
About Patterson-UTI Energy
Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.
Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.
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