In a report released today, John Watson from Piper Sandler maintained a Hold rating on Patterson-UTI (PTEN), with a price target of $2.00. The company’s shares closed last Monday at $1.90, close to its 52-week low of $1.62.
According to TipRanks.com, Watson is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -35.6% and a 17.4% success rate. Watson covers the Basic Materials sector, focusing on stocks such as US Silica Holdings, Helmerich & Payne, and Smart Sand.
The word on The Street in general, suggests a Hold analyst consensus rating for Patterson-UTI with a $2.81 average price target, which is a 47.9% upside from current levels. In a report issued on March 25, Citigroup also maintained a Hold rating on the stock with a $2.50 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 33 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.