Patterson-UTI Energy (NASDAQ:PTEN) had its price objective reduced by investment analysts at Morgan Stanley from $18.00 to $17.00 in a note issued to investors on Friday, BenzingaRatingsTable reports. The firm presently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s price target indicates a potential upside of 46.43% from the company’s previous close.
Other equities analysts have also recently issued research reports about the stock. Raymond James set a $33.00 price objective on shares of LKQ and gave the company a “buy” rating in a research note on Friday, April 26th. AltaCorp Capital restated a “sector perform” rating on shares of STEP Energy Services in a research note on Thursday, June 20th. Bank of America restated an “underperform” rating and issued a $1.25 price objective (down previously from $4.50) on shares of Superior Energy Services in a research note on Tuesday, June 25th. BidaskClub upgraded shares of Zillow Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Citigroup dropped their price objective on shares of Western Digital from $63.00 to $59.00 and set a “buy” rating for the company in a research note on Tuesday, April 30th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $18.31.
NASDAQ:PTEN opened at $11.61 on Friday. The firm has a market cap of $2.41 billion, a PE ratio of -34.15 and a beta of 1.43. Patterson-UTI Energy has a one year low of $9.49 and a one year high of $18.39. The firm’s fifty day moving average is $11.28. The company has a current ratio of 1.82, a quick ratio of 1.69 and a debt-to-equity ratio of 0.33.
Several institutional investors and hedge funds have recently bought and sold shares of PTEN. First Trust Advisors LP raised its position in shares of Patterson-UTI Energy by 0.5% in the 1st quarter. First Trust Advisors LP now owns 800,806 shares of the oil and gas company’s stock valued at $11,227,000 after acquiring an additional 4,378 shares during the period. FMR LLC raised its position in shares of Patterson-UTI Energy by 98.8% in the 1st quarter. FMR LLC now owns 313,654 shares of the oil and gas company’s stock valued at $4,397,000 after acquiring an additional 155,911 shares during the period. Marshall Wace North America L.P. raised its holdings in Patterson-UTI Energy by 142.3% during the 1st quarter. Marshall Wace North America L.P. now owns 386,217 shares of the oil and gas company’s stock worth $5,415,000 after buying an additional 226,795 shares during the period. Riverhead Capital Management LLC raised its holdings in Patterson-UTI Energy by 220.2% during the 1st quarter. Riverhead Capital Management LLC now owns 167,584 shares of the oil and gas company’s stock worth $2,350,000 after buying an additional 115,250 shares during the period. Finally, Tyers Asset Management LLC raised its holdings in Patterson-UTI Energy by 220.0% during the 1st quarter. Tyers Asset Management LLC now owns 151,824 shares of the oil and gas company’s stock worth $2,129,000 after buying an additional 104,384 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.
About Patterson-UTI Energy
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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