Patterson-UTI Energy (PTEN) Receives ‘Analyst’ Rating

Patterson-UTI Energy (PTEN) : The consensus on Patterson-UTI Energy (PTEN) based on 21 analyst recommendation on the company stock is 2.14, which is interpreted as a Buy recommendation. Zacks Investment Research has issued a rank of 3 which endorses a Hold on the stock. However, 11 brokers have a differing view as they consider the stock to be a Strong Buy at current levels. 1 analyst believes that the stock is a Buy, which can produce decent returns in the future. 6 experts consider that the stocks earnings and the quoted price is in harmony, hence, they give it a Hold rating. 2 analyst sees the stock overvalued at current levels and advises a Strong Sell on the stock. 1 analyst also believes that the downside risk to the stock is higher and suggests a Sell on Patterson-UTI Energy (PTEN).

Patterson-UTI Energy (PTEN) has been rated by 19 research analysts. Fundamentally, the highest shorterm price forecast for the stock is expected to reach $34 and the lowest price target forecast is $12. The average forecast of all the analysts is $21.9 and the expected standard deviation is $5.01.


Also, Brokerage firm Citigroup maintains its rating on Patterson-UTI Energy (NASDAQ:PTEN). As per the latest information, the brokerage house lowers the price target to $22 per share from a prior target of $23. The shares have been rated Neutral. The rating by the firm was issued on August 9, 2016.

Patterson-UTI Energy (NASDAQ:PTEN): After opening at $18.79, the stock dipped to an intraday low of $18.43 on Thursday. However, the bulls stepped in to buy at lower levels and pushed the stock higher. The stock touched an intraday high of $19.245 and the buying power remained strong till the end. The stock closed at $19.03 for the day, a gain of 3.31% for the day session. The total traded volume was 3,241,104. The stocks close on the previous trading day was $18.42.

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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