The stock of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week high and has $32.63 target or 37.00% above today’s $23.82 share price. The 5 months bullish chart indicates low risk for the $3.52B company. The 1-year high was reported on Oct, 10 by Barchart.com. If the $32.63 price target is reached, the company will be worth $1.30B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 772,861 shares traded hands. Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has risen 24.91% since March 7, 2016 and is uptrending. It has outperformed by 17.31% the S&P500.
Analysts await Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report earnings on October, 27. They expect $-0.59 earnings per share, down 126.92% or $0.33 from last year’s $-0.26 per share. After $-0.58 actual earnings per share reported by Patterson-UTI Energy, Inc. for the previous quarter, Wall Street now forecasts 1.72% negative EPS growth.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Ratings Coverage
Out of 20 analysts covering Patterson-UTI Energy Inc (NASDAQ:PTEN), 11 rate it a “Buy”, 3 “Sell”, while 6 “Hold”. This means 55% are positive. Patterson-UTI Energy Inc has been the topic of 49 analyst reports since July 28, 2015 according to StockzIntelligence Inc. On Friday, March 18 the stock rating was downgraded by Citigroup to “Neutral”. The firm has “Underweight” rating given on Monday, April 18 by Stephens. Cowen & Co maintained Patterson-UTI Energy, Inc. (NASDAQ:PTEN) on Friday, July 29 with “Outperform” rating. Morgan Stanley maintained it with “Overweight” rating and $21 target price in Tuesday, April 19 report. On Friday, March 11 the stock rating was downgraded by BMO Capital Markets to “Market Perform”. Global Hunter Securities downgraded the shares of PTEN in a report on Tuesday, July 28 to “Accumulate” rating. The firm has “Neutral” rating given on Wednesday, July 13 by Citigroup. The rating was upgraded by Citigroup on Friday, December 11 to “Buy”. BMO Capital Markets maintained Patterson-UTI Energy, Inc. (NASDAQ:PTEN) rating on Friday, September 4. BMO Capital Markets has “Outperform” rating and $20.0 price target. On Wednesday, June 29 the stock rating was upgraded by Simmons & Co to “Overweight”.
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.”
Insitutional Activity: The institutional sentiment decreased to 1.01 in Q2 2016. Its down 0.10, from 1.11 in 2016Q1. The ratio dived, as 36 funds sold all Patterson-UTI Energy, Inc. shares owned while 92 reduced positions. 41 funds bought stakes while 88 increased positions. They now own 151.23 million shares or 5.98% less from 160.84 million shares in 2016Q1.
Leavell Inv Mngmt has invested 0.08% of its portfolio in Patterson-UTI Energy, Inc. (NASDAQ:PTEN). California State Teachers Retirement System accumulated 0.01% or 314,075 shares. The Tennessee-based Ftb Advisors has invested 0% in Patterson-UTI Energy, Inc. (NASDAQ:PTEN). Lucus Ltd Liability, a New York-based fund reported 16,467 shares. Cornerstone Cap Mngmt Ltd accumulated 113,282 shares or 0.02% of the stock. State Of New Jersey Common Pension Fund D accumulated 0.01% or 121,000 shares. The Pennsylvania-based Stevens Cap Management Limited Partnership has invested 0.01% in Patterson-UTI Energy, Inc. (NASDAQ:PTEN). Reliant Inv Management Ltd Company owns 21,600 shares or 0.42% of their US portfolio. Oregon Public Employees Retirement Fund has 74,377 shares for 0.04% of their US portfolio. Paradigm Asset Mngmt Ltd Com last reported 0% of its portfolio in the stock. Princeton Alpha Management Lp, a New Jersey-based fund reported 41,936 shares. Ibm Retirement Fund last reported 0.01% of its portfolio in the stock. Advantus Capital Management Inc accumulated 0.01% or 17,848 shares. Verition Fund Mgmt Lc holds 0.04% or 14,022 shares in its portfolio. Energy Opportunities Capital Mngmt Ltd has 702,729 shares for 4.51% of their US portfolio.
More news for Patterson-UTI Energy, Inc. (NASDAQ:PTEN) were recently published by: Prnewswire.com, which released: “Patterson-UTI Reports Drilling Activity for September 2016” on October 05, 2016. Prnewswire.com‘s article titled: “Patterson-UTI Energy Announces Agreement to Acquire Drilling Technology Company” and published on September 14, 2016 is yet another important article.
PTEN Company Profile
Patterson-UTI Energy, Inc., incorporated on October 14, 1993, owns and operates fleets of land drilling rigs and a fleet of pressure pumping equipment in the United States. The Firm operates in three divisions: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Firm provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada. The Firm provides pressure-pumping services to oil and natural gas operators. The Firm also invests in oil and natural gas properties.
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