Patterson-UTI Energy Inc. (PTEN) shares recently traded at $11.40, surpassing the average analyst 12-month target price of $11.16. This milestone prompts potential re-evaluation by analysts, who may either downgrade their ratings or raise their price targets based on the company’s performance.
Within Zacks’ coverage of PTEN, 11 analysts have varying targets, with the lowest at $9.00 and the highest at $12.75, yielding a standard deviation of $1.29. Currently, PTEN holds 6 strong buy ratings, 1 buy, 3 hold, and 1 strong sell, reflecting a solid average rating of 1.95 (on a scale where 1 is strong buy and 5 is strong sell).
This shift above the average target price invites investors to consider whether PTEN is poised for further gains or if the current valuation merits profit-taking.
