Barclays analyst David Anderson maintained a Hold rating on Patterson-UTI (PTEN) on April 24 and set a price target of $3.00. The company’s shares closed last Friday at $2.59, close to its 52-week low of $1.62.
According to TipRanks.com, Anderson ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -8.9% and a 35.7% success rate. Anderson covers the Services sector, focusing on stocks such as Nextier Oilfield Solutions, Diamond Offshore Drilling, and Oceaneering International.
Patterson-UTI has an analyst consensus of Hold, with a price target consensus of $2.49, a -15.3% downside from current levels. In a report issued on April 14, Cowen & Co. also downgraded the stock to Hold with a $3.00 price target.
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Based on Patterson-UTI’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $492 million and GAAP net loss of $85.92 million. In comparison, last year the company earned revenue of $796 million and had a GAAP net loss of $201 million.
Based on the recent corporate insider activity of 29 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PTEN in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Patterson-UTI Energy, Inc. engages in the provision of onshore contract drilling services to major and independent oil and natural gas operators. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators. The Pressure Pumping Services segment provides pressure pumping services to oil and natural gas operators primarily in Texas and the Appalachian Basin. The Directional Drilling Services segment offers downhole performance motors and equipment to provide services including directional drilling, downhole performance motors, motor rentals, directional surveying, measurement-while-drilling, and wireline steering tools, in most major onshore oil and natural gas basins. The company was founded by Cloyce A. Talbott and A. Glenn Patterson in 1978 and is headquartered in Houston, TX.