An overview of Patterson-UTI Energy Inc’s (PTEN) institutional holdings

The price of Patterson-UTI Energy Inc (NASDAQ:PTEN) shares last traded on Wall Street rose 4.86% to $12.08.

Based on available information, 19 analysts follow Patterson-UTI Energy Inc (NASDAQ:PTEN). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $21.00 and a low of $16.00, we find $17.00. Given the previous closing price of $11.52, this indicates a potential upside of 47.57 percent. PTEN stock price is now -10.87% away from the 50-day moving average and -7.57% away from the 200-day moving average. The market capitalization of the company currently stands at $5.04B.

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Among analysts, 4 rate the stock a hold while 13 rate it a buy. Brokers who have rated the stock have averaged $17.47 as their price target over the next twelve months.

With the price target reduced from $20 to $17, Morgan Stanley Downgraded its rating from Overweight to Equal-Weight for Patterson-UTI Energy Inc (NASDAQ: PTEN).

In other news, Smith Charles Andrew, EVP & Chief Financial Officer sold 10,000 shares of the company’s stock on Sep 27. The stock was sold for $151,000 at an average price of $15.10. Upon completion of the transaction, the EVP & Chief Financial Officer now directly owns 504,413 shares in the company, valued at $6.09 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Sep 19, EVP & Chief Financial Officer Smith Charles Andrew sold 10,000 shares of the business’s stock. A total of $159,000 was realized by selling the stock at an average price of $15.90. This leaves the insider owning 514,413 shares of the company worth $6.21 million. Insiders disposed of 3,418,250 shares of company stock worth roughly $41.29 million over the past 1 year. A total of 13.92% of the company’s stock is owned by insiders.

A candlestick chart of Patterson-UTI Energy Inc (NASDAQ: PTEN) showed a price of $11.82 on Friday morning. During the past 12 months, Patterson-UTI Energy Inc has had a low of $9.70 and a high of $18.82. As of last week, the company has a debt-to-equity ratio of 0.28, a current ratio of 1.37, and a quick ratio of 1.19. According to the stock market information, the enterprise value for the company is $6.32B, which is based on a 9.14 price-to-earnings ratio, a 0.20 price-to-earnings-growth ratio, and a beta of 2.34. The fifty day moving average price for PTEN is $13.49 and a two-hundred day moving average price translates $13.05 for the stock.

The latest earnings results from Patterson-UTI Energy Inc (NASDAQ: PTEN) was released for Sep, 2023. According to the Oil & Gas Drilling Company, earnings per share came in at $0.2, missing analysts’ expectations of $0.24 by -0.04. This compares to $0.28 EPS in the same period last year. The net profit margin was 8.49% and return on equity was 8.77% for PTEN. The company reported revenue of $1.01 billion for the quarter, compared to $727.5 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 39.03 percent. For the current quarter, analysts expect PTEN to generate $1.52B in revenue.

Patterson-UTI Energy Inc(PTEN) Company Profile

Patterson-UTI Energy, Inc., through its subsidiaries, provides contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia. The Pressure Pumping Services segment offers pressure pumping services that consist of well stimulation for the completion of new wells and remedial work on existing wells, as well as hydraulic fracturing, cementing, and acid pumping services in Texas and the Appalachian region. The Directional Drilling Services segment provides a suite of directional drilling services, including directional drilling and measurement-while-drilling services; supply and rental of downhole performance motors; and software and services that enhances the accuracy of directional and horizontal wellbores, wellbore quality, and on-bottom rate of penetration. It also services equipment to drilling contractors, as well as provides electrical controls and automation to the energy, marine, and mining industries in North America and other markets; and owns and invests in oil and natural gas assets as a non-operating working interest owner located principally in Texas and New Mexico. Patterson-UTI Energy, Inc. was founded in 1978 and is headquartered in Houston, Texas.

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