Fintel reports that on October 9, 2023, Citigroup upgraded their outlook for Patterson-UTI Energy (NASDAQ:PTEN) from Neutral to Buy .
Analyst Price Forecast Suggests 43.46% Upside
As of October 5, 2023, the average one-year price target for Patterson-UTI Energy is 18.97. The forecasts range from a low of 14.14 to a high of $24.15. The average price target represents an increase of 43.46% from its latest reported closing price of 13.22.
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The projected annual revenue for Patterson-UTI Energy is 3,387MM, an increase of 10.45%. The projected annual non-GAAP EPS is 2.15.
What is the Fund Sentiment?
There are 650 funds or institutions reporting positions in Patterson-UTI Energy. This is a decrease of 22 owner(s) or 3.27% in the last quarter. Average portfolio weight of all funds dedicated to PTEN is 0.18%, a decrease of 1.08%. Total shares owned by institutions increased in the last three months by 0.71% to 267,168K shares. 
The put/call ratio of PTEN is 1.19, indicating a bearish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 14,598K shares representing 3.52% ownership of the company. In it's prior filing, the firm reported owning 15,815K shares, representing a decrease of 8.34%. The firm decreased its portfolio allocation in PTEN by 8.55% over the last quarter.
Macquarie Group holds 13,640K shares representing 3.29% ownership of the company. In it's prior filing, the firm reported owning 13,702K shares, representing a decrease of 0.46%. The firm increased its portfolio allocation in PTEN by 5.31% over the last quarter.
DCCAX - Delaware Small Cap Core Fund holds 7,175K shares representing 1.73% ownership of the company. In it's prior filing, the firm reported owning 6,989K shares, representing an increase of 2.59%. The firm decreased its portfolio allocation in PTEN by 19.18% over the last quarter.
Allspring Global Investments Holdings holds 6,776K shares representing 1.63% 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 6.29% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 6,205K shares representing 1.50% ownership of the company. In it's prior filing, the firm reported owning 6,644K shares, representing a decrease of 7.07%. The firm decreased its portfolio allocation in PTEN by 11.84% 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.
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