Price Target Update on Patterson-UTI Energy (NASDAQ:PTEN)

Patterson-UTI Energy (NASDAQ:PTEN) : 18 investment research analysts covering Patterson-UTI Energy (NASDAQ:PTEN) have an average price target of $19.86 for the near short term. The highest target price given by the Brokerage Firm to the stock is $26 and the lowest target is $12 for the short term. Analysts expect the variance to be within $3.65 of the average price.

Other Equity analysts have also commented on the company shares. Credit Suisse downgrades its view on Patterson-UTI Energy (NASDAQ:PTEN) according to the research report released by the firm to its investors. The shares have now been rated Underperform by the stock experts at the ratings house. Earlier, the shares had a rating of Neutral. Credit Suisse raises the price target from $14 per share to $15 per share on Patterson-UTI Energy . The rating by the firm was issued on June 1, 2016.

Patterson-UTI Energy (NASDAQ:PTEN): stock turned positive on Thursday. Though the stock opened at $21.5, the bulls momentum made the stock top out at $21.68 level for the day. The stock recorded a low of $21.35 and closed the trading day at $21.61, in the green by 2.32%. The total traded volume for the day was 2,229,728. The stock had closed at $21.12 in the previous days trading.

The company shares have rallied 13.00% from its 1 Year high price. On Jun 8, 2016, the shares registered one year high at $22.12 and the one year low was seen on Jan 20, 2016. The 50-Day Moving Average price is $19.00 and the 200 Day Moving Average price is recorded at $16.50.

Patterson-UTI Energy, Inc. owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling; Pressure Pumping, and Oil and Natural Gas. The Company markets its contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada. The Companys Pressure Pumping segment provides pressure pumping services to oil and natural gas operators in Texas, Southwest Region and the Appalachian region, Northeast Region. The Companys Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The Companys oil and natural gas working interests are located in producing regions of Texas and New Mexico.

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