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In a report released on February 16, Arun Jayaram from J.P. Morgan maintained a Hold rating on Patterson-UTI (PTEN – Research Report), with a price target of $15.00. The company’s shares closed last Friday at $12.06.
Jayaram covers the Energy sector, focusing on stocks such as EQT, APA, and Murphy Oil. According to TipRanks, Jayaram has an average return of 8.9% and a 53.07% success rate on recommended stocks.
In addition to J.P. Morgan, Patterson-UTI also received a Hold from Benchmark Co.’s Kurt Hallead in a report issued on February 16. However, today, Barclays assigned a Buy rating to Patterson-UTI (NASDAQ: PTEN).
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Based on Patterson-UTI’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1.01 billion and a net profit of $50 thousand. In comparison, last year the company earned a revenue of $727.5 million and had a net profit of $61.45 million
Based on the recent corporate insider activity of 45 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PTEN in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Patterson-UTI (PTEN) Company Description:
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.
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