Nomura Holdings Reiterates a Hold Rating on Patterson-UTI

In a report released today, Lloyd Byrne from Nomura Holdings reiterated a Hold rating on Patterson-UTI (NASDAQ: PTEN), with a price target of $18. The company’s shares opened today at $21.86.

According to TipRanks.com, Byrne is a 4-star analyst with an average return of 8.6% and a 62.0% success rate. Byrne covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Parker Drilling Company, and Whiting Petroleum Corp.

Patterson-UTI has an analyst consensus of Moderate Buy, with a price target consensus of $21.20.

The company has a one year high of $25.01 and a one year low of $10.94. Currently, Patterson-UTI has an average volume of 3.41M.

Based on the recent corporate insider activity of 16 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Charles Oliver Buckner, a Director at PTEN bought 10,000 shares for a total of $115,100.

Patterson-UTI Energy, Inc. provides onshore contract drilling services to major and independent oil and natural gas operators in the continental United States, Alaska and western and northern Canada. It operates through the following segments: Contract Drilling, Pressure Pumping Services and Oil and Natural Gas Properties. The Contract Drilling segment markets its services to major and independent oil and natural gas operators. The Pressure Pumping segment provides pressure pumping services to oil and natural gas operators primarily in Texas and the Appalachian Basin. The Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The company was founded by Cloyce A. Talbott and A. Glenn Patterson in 1978 and is headquartered in Houston, TX.