The stock of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) hit a new 52-week high and has $27.49 target or 9.00% above today’s $25.22 share price. The 9 months bullish chart indicates low risk for the $3.62B company. The 1-year high was reported on Nov, 30 by Barchart.com. If the $27.49 price target is reached, the company will be worth $325.80 million 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 2.02 million shares traded hands. Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has risen 20.27% since April 27, 2016 and is uptrending. It has outperformed by 15.05% the S&P500.
Analysts await Patterson-UTI Energy, Inc. (NASDAQ:PTEN) to report earnings on February, 9 before the open. They expect $-0.55 earnings per share, down 37.50% or $0.15 from last year’s $-0.4 per share. After $-0.58 actual earnings per share reported by Patterson-UTI Energy, Inc. for the previous quarter, Wall Street now forecasts -5.17% 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. $27 is the highest target while $10 is the lowest. The $19.32 average target is -23.39% below today’s ($25.22) stock price. Patterson-UTI Energy Inc has been the topic of 50 analyst reports since July 28, 2015 according to StockzIntelligence Inc. Credit Suisse maintained the shares of PTEN in a report on Friday, September 4 with “Neutral” rating. Credit Suisse downgraded it to “Underperform” rating and $15 target price in Wednesday, June 1 report. The stock of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has “Outperform” rating given on Friday, October 23 by Cowen & Co. Global Hunter Securities downgraded Patterson-UTI Energy, Inc. (NASDAQ:PTEN) on Tuesday, July 28 to “Accumulate” rating. 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. Cowen & Co maintained Patterson-UTI Energy, Inc. (NASDAQ:PTEN) rating on Friday, July 24. Cowen & Co has “Outperform” rating and $22 price target. Citigroup upgraded Patterson-UTI Energy, Inc. (NASDAQ:PTEN) on Friday, December 11 to “Buy” rating. The firm has “Sector Perform” rating given on Monday, June 20 by Howard Weil. Citigroup maintained Patterson-UTI Energy, Inc. (NASDAQ:PTEN) rating on Tuesday, August 9. Citigroup has “Neutral” rating and $22 price target. On Tuesday, September 1 the stock rating was downgraded by Wells Fargo to “Market Perform”.
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 0.96 in Q2 2016. Its down 0.05, from 1.01 in 2016Q1. The ratio worsened, 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.
Kahn Brothers Incorporated De accumulated 1.05M shares or 0% of the stock. Ironwood Management Limited Liability Corporation holds 0.33% or 20,944 shares in its portfolio. Aperio Group Inc Limited Liability last reported 0.01% of its portfolio in the stock. Putnam Invests Ltd accumulated 244,305 shares or 0.01% of the stock. Natl Bank Of Ny Mellon has invested 0.02% of its portfolio in Patterson-UTI Energy, Inc. (NASDAQ:PTEN). Bokf Na last reported 120,623 shares in the company. Canada Pension Plan Investment Board reported 253,500 shares or 0.02% of all its holdings. Blackrock Advsrs Limited Liability, a Delaware-based fund reported 1.14M shares. The Illinois-based Hightower Advisors Ltd Liability Com has invested 0.04% in Patterson-UTI Energy, Inc. (NASDAQ:PTEN). Price T Rowe Md reported 76,968 shares or 0% of all its holdings. Comerica Bank & Trust has 0.02% invested in the company for 129,105 shares. Rbf Capital Lc accumulated 0.25% or 60,100 shares. Whittier Tru Com Of Nevada holds 0% of its portfolio in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) for 330 shares. Proshare Advsrs Lc holds 0.01% or 25,128 shares in its portfolio. Keybank National Association Oh last reported 0.01% of its portfolio in the stock.
More important recent Patterson-UTI Energy, Inc. (NASDAQ:PTEN) news were published by: Prnewswire.com which released: “Patterson-UTI Energy Announces Agreement to Acquire Drilling Technology Company” on September 14, 2016, also Prnewswire.com published article titled: “Patterson-UTI Energy Reports Financial Results for Three and Nine Months Ended …”, Prnewswire.com published: “Patterson-UTI Reports Drilling Activity for September 2016” on October 05, 2016. More interesting news about Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was released by: Prnewswire.com and their article: “Patterson-UTI Energy Amends its Bank Credit Agreement” with publication date: July 12, 2016.
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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