Citigroup Has Lowered Expectations for Patterson-UTI Energy (NASDAQ:PTEN) Stock Price

Patterson-UTI Energy (NASDAQ:PTEN) had its price target cut by Citigroup from $11.00 to $10.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. Citigroup’s price target points to a potential upside of 30.38% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. Morgan Stanley cut their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. Piper Sandler cut their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Bank of America cut their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a report on Monday, July 15th. Finally, StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN traded down $0.18 during trading on Thursday, reaching $7.67. The company had a trading volume of 10,009,696 shares, compared to its average volume of 7,143,210. Patterson-UTI Energy has a twelve month low of $7.45 and a twelve month high of $13.14. The stock has a market capitalization of $3.01 billion, a PE ratio of -3.50 and a beta of 2.12. The stock has a 50-day moving average price of $8.27 and a two-hundred day moving average price of $9.63. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.34.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the company. CANADA LIFE ASSURANCE Co raised its stake in Patterson-UTI Energy by 25.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock valued at $5,931,000 after buying an additional 100,626 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Patterson-UTI Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock valued at $556,352,000 after purchasing an additional 1,554,020 shares during the last quarter. UniSuper Management Pty Ltd bought a new position in shares of Patterson-UTI Energy during the first quarter valued at approximately $990,000. Natixis bought a new position in shares of Patterson-UTI Energy during the first quarter valued at approximately $617,000. Finally, Vaughan Nelson Investment Management L.P. grew its holdings in shares of Patterson-UTI Energy by 6.4% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 3,261,662 shares of the oil and gas company’s stock valued at $33,791,000 after purchasing an additional 197,555 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

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.