Stock Analysis:Patterson-UTI Energy Inc (NASDAQ:PTEN) Target Increased
In analysts report announced by RBC Capital Markets on Friday, 18 December, Patterson-UTI Energy Inc (NASDAQ:PTEN) had its PT lifted to $18.00. The firm at present has a solid “Outperform” rating on shares.
From a total of 23 analysts covering Patterson-UTI Energy Inc (NASDAQ:PTEN) stock, 0 rate it a ”Buy”, 0 a “Sell”, and 0 a ”Hold”. This means that NaN of the ratings are positive. The highest target price is $24 while the lowest target price is $10. The mean of all analyst targets is $17.46 with a 15.31% above today’s ($14.11) stock price. Patterson-UTI Energy Inc was the topic of 20 analyst reports since July 28, 2015 according to the firm StockzIntelligence Inc. Citigroup upgraded shares on December 11 to “Buy” rating. Citigroup maintained shares with “Neutral” rating and $15 target share price in a report from an October 5. Cowen & Co maintained PTEN stock in a recent report from October 23 with “Outperform” rating. Credit Suisse maintained the rating on September 4. Credit Suisse has a “Neutral” rating and a $13 price target on shares. Finally, BMO Capital Markets maintained the stock with “Outperform” rating in a report issued on a September 4.
Approximately 4.00M shares of stock traded hands. Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has declined 28.82% since May 15, 2015 and is downtrending. It has underperformed by 25.01% the S&P500.
The overall sentiment of institutions has decreased to 1.05 in Q2 2015. Its down 0.28, from 1.33 in 2015Q2. The ratio is negative, as 58 institutions have sold all the shares of Patterson-UTI Energy, Inc. that they owned while 77 funds have taken shares off the table. 34 funds have purchased shares for the first time while 108 added to their positions. These institutions now hold 153.19 million shares or 5.15% more than the 145.69 million shares they owned in 2015Q2.
The Fund Energy Opportunities Capital Management Llc currently is holding shares equating to 4.16% of its total portfolio in Patterson-UTI Energy, Inc. representing a total of 967,279 shares. Another fund,Elm Ridge Management Llc, is holding a total of 1.74 million shares equating to 3.32% of their holdings. Additionally, Kiltearn Partners Llp has a 5.24 million share stake in Patterson-UTI Energy, Inc. which represents 3.19% of their total portfolio. The Fund, Intrepid Capital Management Inc, based out of Florida, has also built up a stake in the stock, which represents a total of 1.79% of their total portfolio. Finally Ivory Investment Management. L.P., a fund which is based in the state of California reported a total holdings of 3.52 million 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 $2.29 billion. The Firm operates in three divisions: Contract Drilling; Pressure Pumping, and Oil and Natural Gas. It currently has negative earnings. The Firm markets its contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada.
According to Zacks Investment Research, “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.”