Patterson-UTI (PTEN) Gets a Buy Rating from RBC Capital

By Jason Carr

In a report issued on March 16, Kurt Hallead from RBC Capital maintained a Buy rating on Patterson-UTI (PTENResearch Report), with a price target of $2.75. The company’s shares closed last Monday at $2.49, close to its 52-week low of $1.80.

According to TipRanks.com, Hallead is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -20.8% and a 25.8% success rate. Hallead covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Diamond Offshore Drilling, and Oceaneering International.

Currently, the analyst consensus on Patterson-UTI is a Hold with an average price target of $4.15.

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The company has a one-year high of $16.27 and a one-year low of $1.80. Currently, Patterson-UTI has an average volume of 4.82M.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying 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.