Evercore ISI Sticks to Their Buy Rating for Patterson-UTI (PTEN)

By Austin Angelo

Evercore ISI analyst James West maintained a Buy rating on Patterson-UTI (PTENResearch Report) on February 7 and set a price target of $9.00. The company’s shares closed last Monday at $7.38, close to its 52-week low of $6.87.

According to TipRanks.com, West is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -9.4% and a 34.9% success rate. West covers the Basic Materials sector, focusing on stocks such as Oceaneering International, Baker Hughes Company, and Pacific Drilling SA.

The word on The Street in general, suggests a Moderate Sell analyst consensus rating for Patterson-UTI with a $7.88 average price target, a 13.2% upside from current levels. In a report issued on February 7, Raymond James also maintained a Buy rating on the stock with a $10.00 price target.

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Based on Patterson-UTI’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $85.92 million. In comparison, last year the company had a GAAP net loss of $201 million.

Based on the recent corporate insider activity of 27 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.

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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.