Market Analysts see Patterson-UTI Energy Inc. [PTEN] gaining to $21. Time to buy?


Patterson-UTI Energy Inc. [NASDAQ: PTEN] traded at a high on 04/27/22, posting a 2.08 gain after which it closed the day’ session at $16.23. The company report on April 27, 2022 that Patterson-UTI Energy Reports Financial Results for the Three Months Ended March 31, 2022.

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PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the three months ended March 31, 2022. The Company reported a net loss of $28.8 million, or $0.13 per share, for the first quarter of 2022, compared to a net loss of $106 million, or $0.57 per share, for the first quarter of 2021. Revenues for the first quarter of 2022 were $509 million, compared to $241 million for the first quarter of 2021.

Andy Hendricks, Patterson-UTI’s Chief Executive Officer, stated, “Pricing for all of our services accelerated during the first quarter due to the limited supply of readily available, high-quality drilling and completion equipment. The increasing demand and tight supply of rigs should drive better pricing, longer-term contracts and increasing contract backlog in contract drilling. Given the strength in pricing, we are increasing our forecast for our consolidated Adjusted EBITDA for 2022 to greater than $500 million, while maintaining our 2022 capital expenditure forecast at approximately $350 million.”.

The results of the trading session contributed to over 3621292 shares changing hands. Over the past one week, the price volatility of Patterson-UTI Energy Inc. stands at 6.66% while the volatility over the past one month is 5.30%.

The market cap for PTEN stock reached $3.81 billion, with 215.02 million shares outstanding and 208.03 million shares in the current float. Compared to the average trading volume of 4.28M shares, PTEN reached a trading volume of 3621292 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say 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 $17.42 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.

The Benchmark Company have made an estimate for Patterson-UTI Energy Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on April 19, 2022. While these analysts kept the previous recommendation, Piper Sandler raised their target price from $10 to $10.25. The new note on the price target was released on December 21, 2021, representing the official price target for Patterson-UTI Energy Inc. stock. Previously, the target price had yet another raise to $11, while Citigroup analysts kept a Buy rating on PTEN stock. On December 07, 2021, analysts increased their price target for PTEN shares from 10 to 12.

The Average True Range (ATR) for Patterson-UTI Energy Inc. is set at 0.92, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 2.81. The Price to Book ratio for the last quarter was 2.17, with the Price to Cash per share for the same quarter was set at 0.50.

How has PTEN stock performed recently?

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 -11.79. With this latest performance, PTEN shares gained by 7.77% in over the last four-week period, additionally plugging by 64.94% over the last 6 months – not to mention a rise of 138.33% 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 50.12, with the RSI for the last a single of trading hit 44.81, and the three-weeks RSI is set at 53.53 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 15.45, while it was recorded at 16.52 for the last single week of trading, and 10.38 for the last 200 days.

Patterson-UTI Energy Inc. [PTEN]: Deeper insight into the 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 -49.10 and a Gross Margin at -42.30. Patterson-UTI Energy Inc.’s Net Margin is presently recorded at -48.42.

Return on Equity for this stock declined to -36.25, with Return on Assets sitting at -19.71.

Patterson-UTI Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.30.

Insider trade positions for Patterson-UTI Energy Inc. [PTEN]

There are presently around $3,264 million, or 97.20% of PTEN stock, in the hands of institutional investors. The top three institutional holders of PTEN stocks are: BLACKROCK INC. with ownership of 34,992,772, which is approximately 13.746% of the company’s market cap and around 2.20% of the total institutional ownership; VANGUARD GROUP INC, holding 21,975,906 shares of the stock with an approximate value of $349.42 million in PTEN stocks shares; and MACQUARIE GROUP LTD, currently with $206.39 million in PTEN stock with ownership of nearly 30.735% of the company’s market capitalization.

Positions in Patterson-UTI Energy Inc. stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 134 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 29,494,537 shares. Additionally, 84 investors decreased positions by around 13,633,290 shares, while 36 investors held positions by with 162,185,760 shares. The mentioned changes placed institutional holdings at 205,313,587 shares, according to the latest SEC report filing. PTEN stock had 38 new institutional investments in for a total of 10,682,071 shares, while 18 institutional investors sold positions of 1,403,445 shares during the same period.