Credit Suisse Sticks to Its Sell Rating for Patterson-UTI (PTEN)

Credit Suisse analyst James Wicklund maintained a Sell rating on Patterson-UTI (PTEN) today and set a price target of $2.00. The company’s shares closed last Friday at $2.64, close to its 52-week low of $1.62.

According to, Wicklund is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -11.7% and a 31.4% success rate. Wicklund covers the Services sector, focusing on stocks such as Diamond Offshore Drilling, Helmerich & Payne, and National-Oilwell.

Currently, the analyst consensus on Patterson-UTI is a Hold with an average price target of $3.24.

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The company has a one-year high of $15.70 and a one-year low of $1.62. Currently, Patterson-UTI has an average volume of 6.47M.

Based on the recent corporate insider activity of 38 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.

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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.

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