Patterson-UTI (NASDAQ:PTEN) Rating Maintained
In a research note shared with investors on Friday, 23 October, Patterson-UTI (NASDAQ:PTEN) stock had its Outperform Rating restate by research professionals at Cowen. They currently have a $18 TP on firm. Cowen’s target would indicate a potential upside of 22.28% from the company’s current price.
Out of 8 analysts covering Patterson-UTI Energy Inc (NASDAQ:PTEN), 3 rate it “Buy”, 0 “Sell”, while 5 “Hold”. This means 38% are positive. $22 is the highest target while $12 is the lowest. The $15.44 average target is 4.89% above today’s ($14.72) stock price. Patterson-UTI Energy Inc was the topic in 15 analyst reports since July 28, 2015 according to StockzIntelligence Inc. Cowen & Co maintained the stock on October 23 with “Outperform” rating. Global Hunter Securities downgraded it to “Accumulate” rating and $18 target price in a July 28 report. Tudor Pickering downgraded the shares of PTEN in a report on September 9 to “Hold” rating. Finally, Credit Suisse maintained the stock with “Neutral” rating in a September 4 report.
The stock increased 2.79% or $0.4 on October 22, hitting $14.72. Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has declined 17.72% since March 20, 2015 and is downtrending. It has underperformed by 15.08% the S&P500.
The institutional sentiment increased to 1.33 in Q2 2015. Its up 0.26, from 1.07 in 2015Q1. The ratio improved, as 40 funds sold all Patterson-UTI Energy, Inc. shares owned while 80 reduced positions. 59 funds bought stakes while 101 increased positions. They now own 145.69 million shares or 5.81% less from 154.67 million shares in 2015Q1.
Tbp Investments Management Llc holds 5.41% of its portfolio in Patterson-UTI Energy, Inc. for 228,300 shares. Energy Opportunities Capital Management Llc owns 1.01 million shares or 4.43% of their US portfolio. Moreover, Kiltearn Partners Llp has 3.4% invested in the company for 3.89 million shares. The New York-based Elm Ridge Management Llc has invested 3.15% in the stock. Viking Fund Management Llc, a North Dakota-based fund reported 720,000 shares.
Patterson-UTI Energy, Inc. owns and operates fleets of land drilling rigs and a fleet of pressure pumping equipment in the United States. The company has a market cap of $2.17 billion. The Firm operates in three divisions: Contract Drilling; Pressure Pumping, and Oil and Natural Gas. It has 33.58 P/E ratio. The Firm markets its contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
Patterson is one of the leading providers of domestic land drilling services to major & independent oil & natural gas companies. The Company focuses its operations in Texas & southeast New Mexico. The Company currently has a drilling fleet of 114 drilling rigs, 108 of which are currently operable. The Company is also engaged in the development, exploration, acquisition & production of oil and natural gas; however, due to the substantial growth in the Company’s drilling contract operations, the oil & natural gas operations are no longer material to the Company’s overall operations.
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