The Benchmark Company lifts Patterson-UTI Energy Inc. [PTEN] price estimate. Who else is bullish?


Patterson-UTI Energy Inc. [NASDAQ: PTEN] plunged by -$1.33 during the normal trading session on Thursday and reaching a high of $17.72 during the day while it closed the day at $16.24.

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Patterson-UTI Energy Inc. stock has also loss -6.88% of its value over the past 7 days. However, PTEN stock has inclined by 55.56% in the 3 months of the year. Over the past six months meanwhile, it has gained 77.88% and gained 92.19% year-on date.

The market cap for PTEN stock reached $3.71 billion, with 215.02 million shares outstanding and 210.09 million shares in the current float. Compared to the average trading volume of 4.45M shares, PTEN reached a trading volume of 2981807 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to 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 $18.48 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 1.07, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 2.73. 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 0.51.

PTEN stock trade performance evaluation

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 -6.88. With this latest performance, PTEN shares gained by 5.94% in over the last four-week period, additionally plugging by 77.88% over the last 6 months – not to mention a rise of 102.75% 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 48.76, with the RSI for the last a single of trading hit 45.64, and the three-weeks RSI is set at 51.30 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 15.85, while it was recorded at 16.68 for the last single week of trading, and 10.64 for the last 200 days.

Patterson-UTI Energy Inc. [PTEN]: An insightful look at the core 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.

Patterson-UTI Energy Inc. [PTEN]: Insider Ownership positions

There are presently around $3,510 million, or 97.30% 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 2.40% of the total institutional ownership; VANGUARD GROUP INC, holding 21,975,906 shares of the stock with an approximate value of $386.12 million in PTEN stocks shares; and MACQUARIE GROUP LTD, currently with $228.07 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 135 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 29,996,459 shares. Additionally, 92 investors decreased positions by around 21,314,176 shares, while 34 investors held positions by with 148,446,032 shares. The mentioned changes placed institutional holdings at 199,756,667 shares, according to the latest SEC report filing. PTEN stock had 43 new institutional investments in for a total of 11,661,620 shares, while 18 institutional investors sold positions of 1,391,126 shares during the same period.