Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) had its price target upped by research analysts at The Goldman Sachs Group from $11.00 to $13.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 5.57% from the company’s current price.
Several other brokerages also recently commented on PTEN. Stifel Nicolaus lifted their target price on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Citigroup lifted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Finally, Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.30.
Read Our Latest Research Report on Patterson-UTI Energy
Patterson-UTI Energy Stock Performance
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last released its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business’s quarterly revenue was down 12.7% compared to the same quarter last year. Research analysts predict that Patterson-UTI Energy will post -0.16 earnings per share for the current year.
Insider Buying and Selling
In other Patterson-UTI Energy news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the firm’s stock in a transaction 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 approximately $952,007.98. This trade represents a 11.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 958,949 shares of company stock worth $11,107,535 in the last quarter. Insiders own 2.20% of the company’s stock.
Hedge Funds Weigh In On Patterson-UTI Energy
A number of hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. raised its position in shares of Patterson-UTI Energy by 10.3% in the 3rd quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock valued at $7,717,000 after buying an additional 139,561 shares in the last quarter. Public Sector Pension Investment Board raised its position in shares of Patterson-UTI Energy by 14.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,367,213 shares of the oil and gas company’s stock valued at $7,082,000 after buying an additional 169,816 shares in the last quarter. Magnetar Financial LLC raised its position in shares of Patterson-UTI Energy by 728.4% in the 3rd quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company’s stock valued at $1,455,000 after buying an additional 247,010 shares in the last quarter. Tudor Investment Corp ET AL acquired a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at approximately $2,206,000. Finally, SG Americas Securities LLC raised its position in shares of Patterson-UTI Energy by 141.3% in the 4th quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock valued at $1,123,000 after buying an additional 107,638 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.
More Patterson-UTI Energy News
Here are the key news stories impacting Patterson-UTI Energy this week:
- Positive Sentiment: Zacks Research lifted its near-term and longer-term EPS estimates for Patterson-UTI Energy, including higher forecasts for FY2026, FY2027, FY2028, and several 2026-2027 quarters, suggesting analysts see improving profitability ahead.
- Positive Sentiment: The firm maintained a Strong-Buy rating, reinforcing a constructive view on PTEN despite the company still expected to post losses in the near term.
- Neutral Sentiment: Recent earnings data showed Patterson-UTI beat expectations on both EPS and revenue, which continues to support investor confidence, although revenue was still down year over year.
- Negative Sentiment: Even with the improved estimates, Zacks still projects negative EPS for most of the next several quarters and for FY2026/FY2027, so the turnaround remains incomplete.
- Negative Sentiment: An insider sale by COO James Michael Holcomb may be a mild headwind for sentiment, as investors often view large insider selling cautiously.
Patterson-UTI Energy Company Profile
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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