SunTrust Banks Increases Patterson-UTI Energy (PTEN) Price Target to $31.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective lifted by investment analysts at SunTrust Banks to $31.00 in a research report issued to clients and investors on Wednesday. The firm currently has a “buy” rating on the oil and gas company’s stock. SunTrust Banks’ price objective would indicate a potential upside of 43.72% from the company’s current price. SunTrust Banks also issued estimates for Patterson-UTI Energy’s Q4 2017 earnings at ($0.07) EPS, FY2017 earnings at ($0.83) EPS, Q1 2018 earnings at ($0.07) EPS, Q2 2018 earnings at ($0.05) EPS, Q3 2018 earnings at ($0.01) EPS, Q4 2018 earnings at $0.03 EPS, FY2018 earnings at ($0.10) EPS, Q1 2019 earnings at $0.05 EPS, Q2 2019 earnings at $0.10 EPS, Q3 2019 earnings at $0.15 EPS and FY2019 earnings at $0.49 EPS.

Several other brokerages have also issued reports on PTEN. Jefferies Group set a $26.00 price objective on Patterson-UTI Energy and gave the company a “buy” rating in a research report on Thursday, October 5th. TheStreet upgraded Patterson-UTI Energy from a “d+” rating to a “c-” rating in a research report on Monday. Credit Suisse Group boosted their price objective on Patterson-UTI Energy from $17.00 to $21.00 and gave the company a “neutral” rating in a research report on Friday, October 27th. Cowen reiterated a “hold” rating and issued a $24.00 price objective on shares of Patterson-UTI Energy in a research report on Sunday, September 17th. Finally, Deutsche Bank initiated coverage on Patterson-UTI Energy in a research report on Tuesday, October 10th. They issued a “buy” rating and a $25.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and seventeen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $27.00.

Patterson-UTI Energy (PTEN) traded up $0.57 during trading on Wednesday, hitting $21.57. The stock had a trading volume of 3,740,900 shares, compared to its average volume of 4,236,092. Patterson-UTI Energy has a 52 week low of $14.83 and a 52 week high of $29.76. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Thursday, October 26th. The oil and gas company reported ($0.13) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.04. The company had revenue of $684.99 million during the quarter, compared to analyst estimates of $688.05 million. Patterson-UTI Energy had a negative return on equity of 7.31% and a negative net margin of 14.73%. The company’s revenue for the quarter was up 232.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.58) EPS. equities analysts forecast that Patterson-UTI Energy will post -0.81 EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rubric Capital Management LP bought a new stake in Patterson-UTI Energy in the 3rd quarter valued at approximately $16,605,000. Wealthsource Partners LLC bought a new stake in Patterson-UTI Energy in the 3rd quarter valued at approximately $322,000. Tortoise Capital Advisors L.L.C. lifted its stake in Patterson-UTI Energy by 10.6% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 84,875 shares of the oil and gas company’s stock valued at $1,777,000 after acquiring an additional 8,142 shares in the last quarter. GeoSphere Capital Management lifted its stake in Patterson-UTI Energy by 208.5% in the 3rd quarter. GeoSphere Capital Management now owns 140,000 shares of the oil and gas company’s stock valued at $2,932,000 after acquiring an additional 94,620 shares in the last quarter. Finally, Ameritas Investment Partners Inc. lifted its stake in Patterson-UTI Energy by 92.6% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 94,433 shares of the oil and gas company’s stock valued at $1,733,000 after acquiring an additional 45,400 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

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Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

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

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