RBC Capital analyst Kurt Hallead maintained a Buy rating on Patterson-UTI (PTEN) on June 1 and set a price target of $4.50. The company’s shares closed last Thursday at $4.89.
According to TipRanks.com, Hallead has currently 0 stars on a ranking scale of 0-5 stars, with an average return of -15.3% and a 27.7% success rate. Hallead covers the Services sector, focusing on stocks such as Independence Contract Drilling, Diamond Offshore Drilling, and Oceaneering International.
The word on The Street in general, suggests a Moderate Sell analyst consensus rating for Patterson-UTI with a $2.97 average price target.
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The company has a one-year high of $12.39 and a one-year low of $1.61. Currently, Patterson-UTI has an average volume of 8.01M.
Based on the recent corporate insider activity of 28 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.
