Fintel reports that on July 19, 2023, Benchmark upgraded their outlook for Patterson-UTI Energy (NASDAQ:PTEN) from Hold to Buy .
Analyst Price Forecast Suggests 8.62% Upside
As of July 6, 2023, the average one-year price target for Patterson-UTI Energy is 16.43. The forecasts range from a low of 12.62 to a high of $23.10. The average price target represents an increase of 8.62% from its latest reported closing price of 15.12.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Patterson-UTI Energy is 3,387MM, an increase of 15.60%. The projected annual non-GAAP EPS is 2.15.
What is the Fund Sentiment?
There are 694 funds or institutions reporting positions in Patterson-UTI Energy. This is a decrease of 7 owner(s) or 1.00% in the last quarter. Average portfolio weight of all funds dedicated to PTEN is 0.20%, a decrease of 22.60%. Total shares owned by institutions increased in the last three months by 0.15% to 268,065K shares. 
The put/call ratio of PTEN is 2.58, indicating a bearish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 15,815K shares representing 7.59% ownership of the company. In it's prior filing, the firm reported owning 16,066K shares, representing a decrease of 1.59%. The firm decreased its portfolio allocation in PTEN by 33.55% over the last quarter.
Macquarie Group holds 13,702K shares representing 6.58% ownership of the company. In it's prior filing, the firm reported owning 14,439K shares, representing a decrease of 5.38%. The firm decreased its portfolio allocation in PTEN by 45.23% over the last quarter.
DCCAX - Delaware Small Cap Core Fund holds 6,989K shares representing 3.36% ownership of the company. In it's prior filing, the firm reported owning 6,543K shares, representing an increase of 6.38%. The firm decreased its portfolio allocation in PTEN by 20.14% over the last quarter.
Allspring Global Investments Holdings holds 6,776K shares representing 3.25% ownership of the company. In it's prior filing, the firm reported owning 6,547K shares, representing an increase of 3.37%. The firm increased its portfolio allocation in PTEN by 2.39% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,644K shares representing 3.19% ownership of the company. In it's prior filing, the firm reported owning 6,591K shares, representing an increase of 0.79%. The firm decreased its portfolio allocation in PTEN by 35.33% over the last quarter.
Patterson-UTI Energy Background Information
(This description is provided by the company.)
Patterson-UTI is a leading provider of oilfield services and products to oil and natural gas exploration and production companies in the United States, including contract drilling, pressure pumping and directional drilling services.
Additional reading:
- BEP Diamond Topco L.P. (Parent Company of Ulterra Holdings, Inc. and Ulterra Drilling Technologies L.P.) Independent Auditor’s Report 3 Consolidated Financial Statements Consolidated Balance Sheet as of December 31, 2022 5 Consolidated Statement of O
- BEP Diamond Topco L.P. (Parent Company of Ulterra Holdings, Inc. and Ulterra Drilling Technologies L.P.) Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheet as of March 31, 2023 (Unaudited) 3 Condensed Consolidated Statem
- BEP Diamond Topco L.P. (Parent Company of Ulterra Holdings, Inc. and Ulterra Drilling Technologies L.P.) Independent Auditor’s Report 3 Consolidated Financial Statements Consolidated Balance Sheet as of December 31, 2022 5 Consolidated Statement of O
- BEP Diamond Topco L.P. (Parent Company of Ulterra Holdings, Inc. and Ulterra Drilling Technologies L.P.) Condensed Consolidated Financial Statements Condensed Consolidated Balance Sheet as of March 31, 2023 (Unaudited) 3 Condensed Consolidated Statem
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This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
