The stock of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) is a huge mover today! About 1.25M shares traded hands. Patterson-UTI Energy, Inc. (NASDAQ:PTEN) has risen 20.97% since April 13, 2016 and is uptrending. It has outperformed by 17.04% the S&P500.
The move comes after 7 months positive chart setup for the $3.62 billion company. It was reported on Nov, 15 by Barchart.com. We have $32.42 PT which if reached, will make NASDAQ:PTEN worth $1.30B more.
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Ratings Coverage
Out of 20 analysts covering Patterson-UTI Energy Inc (NASDAQ:PTEN), 11 rate it a “Buy”, 3 “Sell”, while 6 “Hold”. This means 55% are positive. Patterson-UTI Energy Inc has been the topic of 50 analyst reports since July 28, 2015 according to StockzIntelligence Inc. BMO Capital Markets maintained Patterson-UTI Energy, Inc. (NASDAQ:PTEN) on Friday, September 4 with “Outperform” rating. On Monday, October 5 the stock rating was maintained by Citigroup with “Neutral”. The firm has “Neutral” rating given on Friday, January 8 by Macquarie Research. The firm has “Buy” rating given on Monday, November 30 by Guggenheim. Howard Weil maintained Patterson-UTI Energy, Inc. (NASDAQ:PTEN) on Friday, October 28 with “Sector Perform” rating. Howard Weil maintained Patterson-UTI Energy, Inc. (NASDAQ:PTEN) rating on Monday, June 20. Howard Weil has “Sector Perform” rating and $22 price target. Howard Weil downgraded Patterson-UTI Energy, Inc. (NASDAQ:PTEN) on Monday, March 28 to “Sector Perform” rating. The company was upgraded on Wednesday, June 29 by Piper Jaffray. The firm has “Accumulate” rating by Global Hunter Securities given on Tuesday, July 28. Citigroup downgraded it to “Neutral” rating and $20 target price in Friday, March 18 report.
According to Zacks Investment Research, “Patterson is one of the leading providers of domestic land drilling services to major & independent oil & natural gas companies. The Company focuses its operations in Texas & southeast New Mexico. The Company currently has a drilling fleet of 114 drilling rigs, 108 of which are currently operable. The Company is also engaged in the development, exploration, acquisition & production of oil and natural gas; however, due to the substantial growth in the Company’s drilling contract operations, the oil & natural gas operations are no longer material to the Company’s overall operations.”
Insitutional Activity: The institutional sentiment decreased to 1.01 in 2016 Q2. Its down 0.10, from 1.11 in 2016Q1. The ratio dived, as 36 funds sold all Patterson-UTI Energy, Inc. shares owned while 92 reduced positions. 41 funds bought stakes while 88 increased positions. They now own 151.23 million shares or 5.98% less from 160.84 million shares in 2016Q1.
Federated Pa last reported 0.01% of its portfolio in the stock. Dynamic Cap Management Ltd accumulated 61,950 shares or 0.15% of the stock. Morgens Waterfall Vintiadis & Co accumulated 2.86% or 145,000 shares. Blackrock Institutional Trust Com Na accumulated 0.02% or 4.38 million shares. Moreover, Broadview Advsr Ltd has 0.38% invested in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) for 117,850 shares. Liberty Mutual Gp Asset Management has invested 0.05% of its portfolio in Patterson-UTI Energy, Inc. (NASDAQ:PTEN). Axa reported 185,100 shares or 0.02% of all its holdings. Natl Bank Of America Corporation De last reported 1.12 million shares in the company. The New Jersey-based State Of New Jersey Common Pension Fund D has invested 0.01% in Patterson-UTI Energy, Inc. (NASDAQ:PTEN). State Of Tennessee Treasury Department reported 153,000 shares or 0.02% of all its holdings. Citigroup owns 1,386 shares or 0% of their US portfolio. Gotham Asset Mngmt Limited Liability Co owns 260,792 shares or 0.07% of their US portfolio. Texas Permanent School Fund owns 112,683 shares or 0.03% of their US portfolio. Zurcher Kantonalbank (Zurich Cantonalbank) last reported 0% of its portfolio in the stock. Virginia Retirement Sys Et Al holds 0.01% or 23,600 shares in its portfolio.
Another recent and important Patterson-UTI Energy, Inc. (NASDAQ:PTEN) news was published by Prnewswire.com which published an article titled: “Patterson-UTI Energy Reports Financial Results for Three and Nine Months Ended …” on October 27, 2016.
PTEN Company Profile
Patterson-UTI Energy, Inc., incorporated on October 14, 1993, owns and operates fleets of land drilling rigs and a fleet of pressure pumping equipment in the United States. The Firm operates in three divisions: Contract Drilling, Pressure Pumping, and Oil and Natural Gas. The Firm provides contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada. The Firm provides pressure-pumping services to oil and natural gas operators. The Firm also invests in oil and natural gas properties.
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