Short Term Price Target on Patterson-UTI Energy (PTEN)

Patterson-UTI Energy (NASDAQ:PTEN) stock is expected to deviate a maximum of $3.65 from the average target price of $19.86 for the short term period. 18 Street Experts have initiated coverage on the stock with the most promising target being $26 and the most muted being $12.

Patterson-UTI Energy Inc. has dropped 1.34% in the last five trading days, however, the shares have posted positive gains of 17.13% in the last 4 weeks. Patterson-UTI Energy Inc. is up 28.87% in the last 3-month period. Year-to-Date the stock performance stands at 42.29%. Also, In the latest statement by the brokerage house, Credit Suisse downgrades its outlook on Patterson-UTI Energy (NASDAQ:PTEN). The current rating of the shares is Underperform, according to the research report released by the firm. Previously, the company had a rating of Neutral. The brokerage firm raises the price target from $14 per share to $15 per share. The rating by the firm was issued on June 1, 2016.

Patterson-UTI Energy (NASDAQ:PTEN) has an average broker rating of 2.52, which is interpreted as a Hold, as rated by 23 equity analysts. Nonetheless, 8 analysts are positive on the stocks future and they recommend a Strong Buy on the stock. 1 other analysts advise a Buy. Nevertheless, the majority of 10 analysts consider that the stock is a Hold with neither a large upside nor a downside. Ranking by Zacks Investment Research for Coach Inc is 3, which is also a Hold. 2 brokerage firm advices Strong Sell on the share due to lack of confidence about the future of the company. 2 considers that the stock is a Sell.

Patterson-UTI Energy (NASDAQ:PTEN): During Thursdays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $20.83 and $20.61 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $21.34. The buying momentum continued till the end and the stock did not give up its gains. It closed at $21.32, notching a gain of 2.40% for the day. The total traded volume was 2,825,302 . The stock had closed at $20.82 on the previous day.

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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