Piper Sandler slashes price target on Patterson-UTI Energy Inc. [PTEN] – find out why.


Patterson-UTI Energy Inc. [NASDAQ: PTEN] loss -3.98% on the last trading session, reaching $15.94 price per share at the time. The company report on June 15, 2022 that Patterson-UTI Energy to Present at the J.P. Morgan 2022 Energy, Power & Renewables Conference.

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PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today announced that the Company will participate in the J.P. Morgan 2022 Energy, Power & Renewables Conference on Thursday, June 23, 2022. Participating in the conference from Patterson-UTI will be Andy Hendricks, Chief Executive Officer; Andy Smith, Chief Financial Officer; Mike Holcomb, President, Patterson-UTI Drilling; and Mike Drickamer, Vice President Investor Relations.

While at the conference, Andy Hendricks will participate in a fireside chat at 1:35 p.m. Eastern time. To access the webcast of this fireside chat, go to the investor relations section of the Company’s webcast at investor.patenergy.com prior to the scheduled start time.

Patterson-UTI Energy Inc. represents 215.27 million in outstanding shares, while the company has a total market value of $3.55 billion with the latest information. PTEN stock price has been found in the range of $15.6842 to $16.32.

If compared to the average trading volume of 3.77M shares, PTEN reached a trading volume of 3771198 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 $20.63 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 Neutral, with their previous recommendation back on June 01, 2022. The new note on the price target was released on May 26, 2022, representing the official price target for Patterson-UTI Energy Inc. stock. Previously, the target price had yet another raise to $21, while The Benchmark Company analysts kept a Buy rating on PTEN stock. On December 21, 2021, analysts increased their price target for PTEN shares from 10 to 10.25.

The Average True Range (ATR) for Patterson-UTI Energy Inc. is set at 1.01, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 2.18. The Price to Book ratio for the last quarter was 2.18, with the Price to Cash per share for the same quarter was set at 0.22.

Trading performance analysis for PTEN stock

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 -14.90. With this latest performance, PTEN shares dropped by -1.60% in over the last four-week period, additionally plugging by 92.28% over the last 6 months – not to mention a rise of 58.92% 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 38.47, with the RSI for the last a single of trading hit 29.30, and the three-weeks RSI is set at 43.58 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 17.03, while it was recorded at 16.87 for the last single week of trading, and 12.02 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 -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.

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

There are presently around $3,515 million, or 97.40% of PTEN stock, in the hands of institutional investors. The top three institutional holders of PTEN stocks are: BLACKROCK INC. with ownership of 35,469,236, which is approximately 1.362% of the company’s market cap and around 2.10% of the total institutional ownership; VANGUARD GROUP INC, holding 23,989,159 shares of the stock with an approximate value of $398.22 million in PTEN stocks shares; and MACQUARIE GROUP LTD, currently with $219.92 million in PTEN stock with ownership of nearly 2.062% 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 149 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 35,917,992 shares. Additionally, 114 investors decreased positions by around 25,007,867 shares, while 33 investors held positions by with 150,815,395 shares. The mentioned changes placed institutional holdings at 211,741,254 shares, according to the latest SEC report filing. PTEN stock had 63 new institutional investments in for a total of 15,589,508 shares, while 22 institutional investors sold positions of 2,116,572 shares during the same period.