Morgan Stanley Cuts Patterson-UTI Energy (NASDAQ:PTEN) Price Target to $10.00

Patterson-UTI Energy (NASDAQ:PTEN) had its price objective cut by equities researchers at Morgan Stanley from $12.00 to $10.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Morgan Stanley’s price target suggests a potential upside of 23.00% from the company’s current price.

A number of other research analysts have also recently issued reports on the stock. Bank of America decreased their price target 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 reduced their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a research note on Friday, July 26th. Citigroup reduced their price objective on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research note on Friday. Finally, Susquehanna dropped their target price on Patterson-UTI Energy from $14.00 to $13.00 and set a “positive” rating on the stock in a research report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.13.

Patterson-UTI Energy Stock Up 2.8 %

NASDAQ:PTEN traded up $0.22 during mid-day trading on Monday, hitting $8.13. 2,005,034 shares of the company’s stock traded hands, compared to its average volume of 6,802,412. The company has a fifty day moving average of $9.39 and a 200 day moving average of $10.49. 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 twelve month low of $7.60 and a twelve month high of $15.97. The company has a market capitalization of $3.20 billion, a P/E ratio of 11.93 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.04). The business had revenue of $1.35 billion for the quarter, compared to analysts’ expectations of $1.41 billion. Patterson-UTI Energy had a return on equity of 4.49% and a net margin of 2.28%. On average, analysts forecast that Patterson-UTI Energy will post 0.3 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Fortitude Family Office LLC grew its position in shares of Patterson-UTI Energy by 320.7% during the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,594 shares during the period. Hexagon Capital Partners LLC increased its position in shares of Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,307 shares in the last quarter. Lindbrook Capital LLC raised its stake in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after buying an additional 1,332 shares during the period. Neo Ivy Capital Management purchased a new position in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $40,000. Finally, CWM LLC grew its stake in Patterson-UTI Energy by 28.5% in the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after acquiring an additional 893 shares during the period. 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.