Patterson-UTI Energy (PTEN) : Analyst Rating Update

Patterson-UTI Energy (PTEN) : The consensus on Patterson-UTI Energy (PTEN) based on 23 analyst recommendation on the company stock is 2.52, which is interpreted as a Hold recommendation. Zacks Investment Research has issued a rank of 3 which endorses a Hold on the stock. However, 8 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. 10 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. 2 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) 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 (NASDAQ:PTEN): The stock opened at $20.47 on Wednesday but the bulls could not build on the opening and the stock topped out at $20.73 for the day. The stock traded down to $20.23 during the day, due to lack of any buying support eventually closed down at $20.55 with a loss of -0.10% for the day. The stock had closed at $20.57 on the previous day. The total traded volume was 3,671,343 shares.

Also, Equity analysts at the Brokerage firm Simmons & Co. upgrades its rating on Patterson-UTI Energy (NASDAQ:PTEN). The rating major has initiated the coverage with overweight rating on the shares. Earlier, the shares were rated a Neutral by the brokerage firm. The rating by the firm was issued on June 29, 2016. The company shares have rallied 19.18% 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 $19.78 and the 200 Day Moving Average price is recorded at $16.88.

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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