Evercore ISI Sticks to Its Hold Rating for Patterson-UTI (PTEN)

Evercore ISI analyst James West reiterated a Hold rating on Patterson-UTI (PTEN) on April 30 and set a price target of $8.00. The company’s shares closed last Friday at $6.76.

According to TipRanks.com, West is ranked 0 out of 5 stars with an average return of -23.5% and a 33.0% success rate. West covers the Industrial Goods sector, focusing on stocks such as Sunnova Energy International, Precision Drilling, and Core Laboratories.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Patterson-UTI with a $8.88 average 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 $221 million and GAAP net loss of $107 million. In comparison, last year the company earned revenue of $492 million and had a GAAP net loss of $85.92 million.

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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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