Patterson-UTI Energy Inc. [PTEN] Is Currently 5.51 below its 200 Period Moving Avg: What Does This Mean?


Patterson-UTI Energy Inc. [NASDAQ: PTEN] stock went on an upward path that rose over 5.51% on Tuesday, amounting to a one-week price increase of more than 9.00%. The company report on January 3, 2022 that Patterson-UTI Energy Announces Sale of Pioneer Well Service Rig and Wireline Businesses.

PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today announced that it has sold to Clearwell Dynamics, LLC the well service rig business and wireline business that it acquired as part of its acquisition of Pioneer Energy Services Corp. The sale transaction was completed on December 31, 2021, and Patterson-UTI received $43 million in cash consideration, subject to customary purchase price adjustments at closing for cash and working capital.

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Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “I remain very pleased with our acquisition of Pioneer Energy Services and the integration of the U.S. and Colombian drilling businesses. As we previously announced, the Pioneer acquisition included a well-run and high-quality production services business that we believe will be better served as a focused stand-alone business. The proceeds of this sale exceed the cash portion of our purchase price for Pioneer Energy Services Corp. I would like to thank all parties involved in the execution of this sale transaction.

Over the last 12 months, PTEN stock rose by 57.40%. The one-year Patterson-UTI Energy Inc. stock forecast points to a potential upside of 14.17. 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 $2.07 billion, with 188.97 million shares outstanding and 184.54 million shares in the current float. Compared to the average trading volume of 3.16M shares, PTEN stock reached a trading volume of 4631636 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 $11.15 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.

Piper Sandler have made an estimate for Patterson-UTI Energy Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on December 21, 2021. The new note on the price target was released on December 10, 2021, representing the official price target for Patterson-UTI Energy Inc. stock. Previously, the target price had yet another raise from $10 to $12, while Morgan Stanley kept a Overweight rating on PTEN stock. On November 02, 2021, analysts increased their price target for PTEN shares from 9.25 to 10.50.

The Average True Range (ATR) for Patterson-UTI Energy Inc. is set at 0.49, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 1.86. The Price to Book ratio for the last quarter was 1.05, with the Price to Cash per share for the same quarter was set at 0.88.

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 9.00. With this latest performance, PTEN shares gained by 27.94% in over the last four-week period, additionally plugging by 7.41% over the last 6 months – not to mention a rise of 57.40% 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 64.78, with the RSI for the last a single of trading hit 70.86, and the three-weeks RSI is set at 60.71 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 8.45, while it was recorded at 8.82 for the last single week of trading, and 8.36 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 -40.49 and a Gross Margin at -31.01. Patterson-UTI Energy Inc.’s Net Margin is presently recorded at -71.49.

Return on Total Capital for PTEN is now -13.43, given the latest momentum, and Return on Invested Capital for the company is -23.77. Return on Equity for this stock declined to -33.14, with Return on Assets sitting at -19.73. 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 46.02. Additionally, PTEN Total Debt to Total Capital is recorded at 31.51, with Total Debt to Total Assets ending up at 25.01. Long-Term Debt to Equity for the company is recorded at 45.66, with the Long-Term Debt to Total Capital now at 31.27.

Reflecting on the efficiency of the workforce at the company, Patterson-UTI Energy Inc. [PTEN] managed to generate an average of -$267,897 per employee. Receivables Turnover for the company is 4.40 with a Total Asset Turnover recorded at a value of 0.28.Patterson-UTI Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.50 and a Current Ratio set at 1.60.

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

There are presently around $1,572 million, or 83.20% of PTEN stock, in the hands of institutional investors. The top three institutional holders of PTEN stocks are: BLACKROCK INC. with ownership of 30,763,843, which is approximately -3.037% of the company’s market cap and around 4.11% of the total institutional ownership; VANGUARD GROUP INC, holding 21,137,740 shares of the stock with an approximate value of $191.72 million in PTEN stocks shares; and VAN ECK ASSOCIATES CORP, currently with $108.84 million in PTEN stock with ownership of nearly 9.854% of the company’s market capitalization.

Positions in Patterson-UTI Energy Inc. stocks held by institutional investors increased at the end of February and at the time of the February reporting period, where 93 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 7,737,800 shares. Additionally, 97 investors decreased positions by around 9,958,133 shares, while 44 investors held positions by with 155,644,650 shares. The mentioned changes placed institutional holdings at 173,340,583 shares, according to the latest SEC report filing. PTEN stock had 24 new institutional investments in for a total of 1,584,461 shares, while 21 institutional investors sold positions of 941,172 shares during the same period.