Market cap of Patterson-UTI Energy Inc. [PTEN] reaches 2.16B – now what?


Patterson-UTI Energy Inc. [NASDAQ: PTEN] loss -2.73% on the last trading session, reaching $9.98 price per share at the time. The company report on January 6, 2022 that Patterson-UTI Reports Drilling Activity for December 2021.

PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of December 2021, the Company had an average of 110 drilling rigs operating in the United States. For the three months ended December 31, 2021, the Company had an average of 106 drilling rigs operating in the United States.

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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 in the United States. 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.

Patterson-UTI Energy Inc. represents 215.11 million in outstanding shares, while the company has a total market value of $2.16 billion with the latest information. PTEN stock price has been found in the range of $9.95 to $10.42.

If compared to the average trading volume of 3.17M shares, PTEN reached a trading volume of 2746625 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about 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 2.10. 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 0.50, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 1.94. The Price to Book ratio for the last quarter was 1.09, with the Price to Cash per share for the same quarter was set at 0.88.

Trading performance analysis for PTEN stock

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 10.64. With this latest performance, PTEN shares gained by 17.55% in over the last four-week period, additionally plugging by 17.00% over the last 6 months – not to mention a rise of 57.17% 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 62.82, with the RSI for the last a single of trading hit 64.94, and the three-weeks RSI is set at 60.45 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 8.52, while it was recorded at 9.91 for the last single week of trading, and 8.43 for the last 200 days.

Patterson-UTI Energy Inc. [PTEN]: A deeper dive into fundamental analysis

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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An analysis of insider ownership at Patterson-UTI Energy Inc. [PTEN]

There are presently around $1,730 million, or 83.50% 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 0.40% of the total institutional ownership; VANGUARD GROUP INC, holding 21,137,740 shares of the stock with an approximate value of $210.96 million in PTEN stocks shares; and VAN ECK ASSOCIATES CORP, currently with $119.76 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 95 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 7,727,612 shares. Additionally, 96 investors decreased positions by around 9,957,761 shares, while 43 investors held positions by with 155,675,508 shares. The mentioned changes placed institutional holdings at 173,360,881 shares, according to the latest SEC report filing. PTEN stock had 23 new institutional investments in for a total of 1,564,312 shares, while 21 institutional investors sold positions of 941,172 shares during the same period.