Patterson-UTI Energy (NASDAQ:PTEN) received a $17.00 target price from stock analysts at Raymond James in a research report issued on Friday, TipRanks reports. The firm presently has a “buy” rating on the oil and gas company’s stock. Raymond James’ price objective would suggest a potential upside of 60.53% from the company’s previous close.

PTEN has been the subject of several other research reports. Bank of America reaffirmed an “underperform” rating and set a $1.25 target price (down previously from $4.50) on shares of Superior Energy Services in a research note on Tuesday, June 25th. Credit Suisse Group set a €59.00 ($68.60) price target on Renault and gave the company a “neutral” rating in a research report on Friday. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. UBS Group set a $230.00 price target on Align Technology and gave the company a “hold” rating in a research report on Friday. Finally, BidaskClub upgraded Xilinx from a “hold” rating to a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $16.46.

PTEN stock traded up $0.17 during trading hours on Friday, hitting $10.59. 3,264,865 shares of the stock traded hands, compared to its average volume of 3,471,881. The firm has a 50-day moving average of $11.30. Patterson-UTI Energy has a one year low of $9.49 and a one year high of $18.39. The firm has a market capitalization of $2.21 billion, a P/E ratio of -31.15 and a beta of 1.43. The company has a current ratio of 1.82, a quick ratio of 1.69 and a debt-to-equity ratio of 0.33.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 25th. The oil and gas company reported ($0.17) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.21) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.66% and a negative net margin of 11.64%. The business had revenue of $675.77 million during the quarter, compared to analysts’ expectations of $670.28 million. During the same quarter last year, the business posted ($0.05) earnings per share. The company’s quarterly revenue was down 20.9% on a year-over-year basis. On average, equities research analysts anticipate that Patterson-UTI Energy will post -0.82 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in PTEN. Creative Planning boosted its position in Patterson-UTI Energy by 8.2% during the 2nd quarter. Creative Planning now owns 55,630 shares of the oil and gas company’s stock worth $640,000 after acquiring an additional 4,202 shares during the period. Zeke Capital Advisors LLC boosted its position in Patterson-UTI Energy by 5.1% during the 2nd quarter. Zeke Capital Advisors LLC now owns 77,536 shares of the oil and gas company’s stock worth $892,000 after acquiring an additional 3,734 shares during the period. Convergence Investment Partners LLC acquired a new stake in Patterson-UTI Energy during the 2nd quarter worth about $165,000. FDx Advisors Inc. boosted its position in Patterson-UTI Energy by 5.5% during the 2nd quarter. FDx Advisors Inc. now owns 28,193 shares of the oil and gas company’s stock worth $325,000 after acquiring an additional 1,477 shares during the period. Finally, Machina Capital S.A.S. boosted its position in Patterson-UTI Energy by 1,559.1% during the 2nd quarter. Machina Capital S.A.S. now owns 6,570 shares of the oil and gas company’s stock worth $76,000 after acquiring an additional 6,174 shares during the period. Institutional investors and hedge funds own 97.67% of the company’s stock.

Patterson-UTI Energy Company Profile

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.

See Also: Sell-Side Analysts

Analyst Recommendations for Patterson-UTI Energy (NASDAQ:PTEN)

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