Royal Bank of Canada Lowers Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $11.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price target dropped by equities research analysts at Royal Bank of Canada from $12.00 to $11.00 in a note issued to investors on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank of Canada’s price target points to a potential upside of 34.97% from the stock’s current price.

A number of other research firms have also weighed in on PTEN. Bank of America dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a report on Monday, July 15th. Piper Sandler dropped their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Morgan Stanley decreased their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. ATB Capital decreased their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Wednesday, September 4th. Finally, Barclays decreased their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus price target of $11.96.

Patterson-UTI Energy Stock Performance

PTEN stock traded up $0.18 during midday trading on Friday, reaching $8.15. 7,538,191 shares of the company’s stock traded hands, compared to its average volume of 7,066,553. The company has a 50-day moving average price of $8.37 and a two-hundred day moving average price of $9.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.30 and a current ratio of 1.50. Patterson-UTI Energy has a 52 week low of $7.45 and a 52 week high of $13.29. The firm has a market capitalization of $3.20 billion, a PE ratio of 26.00 and a beta of 2.12.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.04). Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.41 billion. As a group, equities analysts anticipate that Patterson-UTI Energy will post 0.18 EPS for the current year.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. purchased a new position in shares of Patterson-UTI Energy during the 2nd quarter worth $152,265,000. Ninepoint Partners LP bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter valued at $51,800,000. American Century Companies Inc. raised its position in shares of Patterson-UTI Energy by 62.8% during the 2nd quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock valued at $58,877,000 after purchasing an additional 2,191,330 shares during the period. Webs Creek Capital Management LP bought a new stake in shares of Patterson-UTI Energy during the 1st quarter valued at $24,116,000. Finally, Nisa Investment Advisors LLC increased its holdings in Patterson-UTI Energy by 2,744.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after acquiring an additional 1,588,067 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.