Patterson-UTI Energy Inc. [PTEN] is -55.71% lower this YTD. Is it still time to buy?

Patterson-UTI Energy Inc. [NASDAQ: PTEN] stock went on a downward path that fall over -3.83% on Friday, amounting to a one-week price increase of more than 9.67%. The company report on November 4, 2020 that Patterson-UTI Reports Drilling Activity for October 2020.

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PATTERSON-UTI ENERGY, INC. (NASDAQ: PTEN) reported that for the month of October 2020, the Company had an average of 61 drilling rigs operating.

Average drilling rigs operating reported in the Company’s monthly announcements represent the average number of the Company’s drilling rigs that were earning revenue under a drilling contract. The Company cautioned that numerous factors in addition to average drilling rigs operating can impact the Company’s operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the Company’s financial performance. The Company intends to continue providing monthly updates on drilling rigs operating shortly after the end of each month.

Over the last 12 months, PTEN stock dropped by -49.35%. The one-year Patterson-UTI Energy Inc. stock forecast points to a potential downside of -24.33. The average equity rating for PTEN stock is currently 3.00, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $906.52 million, with 187.28 million shares outstanding and 181.92 million shares in the current float. Compared to the average trading volume of 3.21M shares, PTEN stock reached a trading volume of 1358479 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Patterson-UTI Energy Inc. [PTEN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PTEN shares is $3.74 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PTEN stock is a recommendation set at 3.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Scotiabank have made an estimate for Patterson-UTI Energy Inc. shares, keeping their opinion on the stock as Sector Underperform, with their previous recommendation back on July 16, 2020. The new note on the price target was released on April 27, 2020, representing the official price target for Patterson-UTI Energy Inc. stock. Previously, the target price had yet another raise to $3, while Cowen analysts kept a Market Perform rating on PTEN stock.

The Average True Range (ATR) for Patterson-UTI Energy Inc. is set at 0.31, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 0.65. The Price to Book ratio for the last quarter was 0.41, with the Price to Cash per share for the same quarter was set at 1.56. Price to Free Cash Flow for PTEN in the course of the last twelve months was 5.22 with Quick ratio for the last quarter at 1.90.

PTEN Stock Performance Analysis:

Patterson-UTI Energy Inc. [PTEN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 9.67. With this latest performance, PTEN shares gained by 86.75% in over the last four-week period, additionally plugging by 22.69% over the last 6 months – not to mention a drop of -49.35% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PTEN stock in for the last two-week period is set at 72.49, with the RSI for the last a single of trading hit 73.49, and the three-weeks RSI is set at 68.76 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 3.16, while it was recorded at 4.58 for the last single week of trading, and 3.58 for the last 200 days.

Insight into Patterson-UTI Energy Inc. Fundamentals:

Operating Margin for any stock indicates how profitable investing would be, and Patterson-UTI Energy Inc. [PTEN] shares currently have an operating margin of -18.21 and a Gross Margin at -12.42. Patterson-UTI Energy Inc.’s Net Margin is presently recorded at -17.23.

Return on Total Capital for PTEN is now -10.63, given the latest momentum, and Return on Invested Capital for the company is -10.07. Return on Equity for this stock declined to -13.43, with Return on Assets sitting at -8.28. When it comes to the capital structure of this company, Patterson-UTI Energy Inc. [PTEN] has a Total Debt to Total Equity ratio set at 35.40. Additionally, PTEN Total Debt to Total Capital is recorded at 26.15, with Total Debt to Total Assets ending up at 22.59. Long-Term Debt to Equity for the company is recorded at 35.05, with the Long-Term Debt to Total Capital now at 25.89.

Reflecting on the efficiency of the workforce at the company, Patterson-UTI Energy Inc. [PTEN] managed to generate an average of -$73,397 per employee. Receivables Turnover for the company is 5.44 with a Total Asset Turnover recorded at a value of 0.48.Patterson-UTI Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.90 and a Current Ratio set at 2.00.

PTEN Stock EPS

With the latest financial reports released by the company, Patterson-UTI Energy Inc. posted -0.43/share EPS, while the average EPS was predicted by analysts to be reported at -0.42/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -2.40%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PTEN.

Patterson-UTI Energy Inc. [PTEN] Insider Position Details

There are presently around $833 million, or 97.90% of PTEN stock, in the hands of institutional investors. The top three institutional holders of PTEN stocks are: BLACKROCK INC. with ownership of 27,970,950, which is approximately 38.011% of the company’s market cap and around 0.40% of the total institutional ownership; VANGUARD GROUP INC, holding 16,408,013 shares of the stock with an approximate value of $76.3 million in PTEN stocks shares; and DIMENSIONAL FUND ADVISORS LP, currently with $56.28 million in PTEN stock with ownership of nearly -6.843% of the company’s market capitalization.

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Positions in Patterson-UTI Energy Inc. stocks held by institutional investors increased at the end of October and at the time of the October reporting period, where 93 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 17,288,706 shares. Additionally, 125 investors decreased positions by around 38,324,691 shares, while 47 investors held positions by with 123,578,878 shares. The mentioned changes placed institutional holdings at 179,192,275 shares, according to the latest SEC report filing. PTEN stock had 28 new institutional investments in for a total of 2,615,147 shares, while 37 institutional investors sold positions of 7,033,035 shares during the same period.

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