Patterson-UTI Energy Inc. [NASDAQ: PTEN] stock went on an upward path that rose over 1.59% on Wednesday, amounting to a one-week price decrease of less than -1.32%. The company report on October 8, 2021 that Pioneer Energy Services Announces the Accelerated Mandatory Conversion of 5.00% Convertible Senior Unsecured PIK Notes Due 2025.
Pioneer Energy Services LLC (the “Company” or “Pioneer”), the successor to Pioneer Energy Services Corp. (“PES”) and a wholly owned subsidiary of Patterson-UTI Energy, Inc. (NASDAQ: PTEN) (“Patterson-UTI”), announced the accelerated mandatory conversion of all outstanding principal amount of its 5.00% Convertible Senior Unsecured PIK Notes Due 2025 (the “Convertible Notes”).
The previously announced consummation of the acquisition by Patterson-UTI of PES on October 1, 2021 constituted a Share Exchange Event under the terms of the Convertible Notes Indenture, dated May 29, 2020. At and after the effective time of such Share Exchange Event, the right to convert each $1,000 principal amount of Convertible Notes was changed into a right to convert such principal amount of Convertible Notes into the amount of shares of Patterson-UTI common stock that a holder of 75.0000 shares of PES common stock (the Conversion Rate for $1,000 principal amount of Convertible Notes immediately prior to such Share Exchange Event) would have owned or been entitled to receive upon such Share Exchange Event. In the Share Exchange Event, each share of PES common stock was converted into the right to receive 1.8692 shares of Patterson-UTI common stock. The Conversion Rate in effect immediately prior to such Share Exchange Event was 75.0000 shares of PES common stock per $1,000 principal amount of the Convertible Notes. The Accelerated Mandatory Conversion Date is October 8, 2021 and interest on the Convertible Notes shall cease to accrue as of such date.
Over the last 12 months, PTEN stock rose by 221.15%. The one-year Patterson-UTI Energy Inc. stock forecast points to a potential upside of 8.48. The average equity rating for PTEN stock is currently 2.80, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $1.94 billion, with 188.41 million shares outstanding and 184.54 million shares in the current float. Compared to the average trading volume of 1.81M shares, PTEN stock reached a trading volume of 7035874 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 $9.79 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 2.80. 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.
RBC Capital Mkts have made an estimate for Patterson-UTI Energy Inc. shares, keeping their opinion on the stock as Sector Perform, with their previous recommendation back on September 09, 2021. While these analysts kept the previous recommendation, Evercore ISI dropped their target price from $8 to $12. The new note on the price target was released on June 23, 2021, representing the official price target for Patterson-UTI Energy Inc. stock. Previously, the target price had yet another raise from $7 to $9, while Barclays kept a Overweight rating on PTEN stock.
The Average True Range (ATR) for Patterson-UTI Energy Inc. is set at 0.51, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 2.02. The Price to Book ratio for the last quarter was 0.93, with the Price to Cash per share for the same quarter was set at 1.00. Price to Free Cash Flow for PTEN in the course of the last twelve months was 236.82 with Quick ratio for the last quarter at 1.60.
PTEN Stock Performance Analysis:
Patterson-UTI Energy Inc. [PTEN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.32. With this latest performance, PTEN shares gained by 10.62% in over the last four-week period, additionally plugging by 29.86% over the last 6 months – not to mention a rise of 221.15% 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 54.47, with the RSI for the last a single of trading hit 51.90, and the three-weeks RSI is set at 54.55 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 8.06, while it was recorded at 9.00 for the last single week of trading, and 7.90 for the last 200 days.
Insight into Patterson-UTI Energy Inc. Fundamentals:
Patterson-UTI Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.60 and a Current Ratio set at 1.70.
Patterson-UTI Energy Inc. [PTEN] Insider Position Details
There are presently around $1,604 million, or 84.20% of PTEN stock, in the hands of institutional investors. The top three institutional holders of PTEN stocks are: BLACKROCK INC. with ownership of 31,727,424, which is approximately -3.695% of the company’s market cap and around 2.20% of the total institutional ownership; VANGUARD GROUP INC, holding 21,165,418 shares of the stock with an approximate value of $189.64 million in PTEN stocks shares; and VAN ECK ASSOCIATES CORP, currently with $97.87 million in PTEN stock with ownership of nearly 139.087% of the company’s market capitalization.
90 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 15,857,952 shares. Additionally, 98 investors decreased positions by around 12,101,902 shares, while 43 investors held positions by with 151,046,791 shares. The mentioned changes placed institutional holdings at 179,006,645 shares, according to the latest SEC report filing. PTEN stock had 22 new institutional investments in for a total of 2,125,358 shares, while 17 institutional investors sold positions of 1,151,688 shares during the same period.