Wall Street Analyst Downgrade Patterson-UTI Energy Inc. [PTEN]. What else is Wall St. saying


Patterson-UTI Energy Inc. [NASDAQ: PTEN] slipped around -0.32 points on Thursday, while shares priced at $12.69 at the close of the session, down -2.46%. The company report on July 6, 2022 that Patterson-UTI Reports Drilling Activity for June 2022.

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PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of June 2022, the Company had an average of 124 drilling rigs operating in the United States. For the three months ended June 30, 2022, the Company had an average of 121 drilling rigs operating in the United States.

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. stock is now 50.18% up from its year-to-date (YTD) trading value. PTEN Stock saw the intraday high of $12.745 and lowest of $12.20 per share. The company’s 52-week high price is 20.53, which means current price is +50.36% above from all time high which was touched on 05/31/22.

Compared to the average trading volume of 3.94M shares, PTEN reached a trading volume of 2946083 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 $21.16 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 1.02, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 1.64. The Price to Book ratio for the last quarter was 1.73, with the Price to Cash per share for the same quarter was set at 0.23.

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 -7.98. With this latest performance, PTEN shares dropped by -25.18% in over the last four-week period, additionally plugging by 23.68% over the last 6 months – not to mention a rise of 44.53% 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 34.24, with the RSI for the last a single of trading hit 30.62, and the three-weeks RSI is set at 37.42 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 16.26, while it was recorded at 13.37 for the last single week of trading, and 12.62 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 $2,754 million, or 97.90% 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 1.70% of the total institutional ownership; VANGUARD GROUP INC, holding 23,989,159 shares of the stock with an approximate value of $312.1 million in PTEN stocks shares; and MACQUARIE GROUP LTD, currently with $172.36 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 July and at the time of the July reporting period, where 150 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 35,925,911 shares. Additionally, 113 investors decreased positions by around 25,006,585 shares, while 33 investors held positions by with 150,784,579 shares. The mentioned changes placed institutional holdings at 211,717,075 shares, according to the latest SEC report filing. PTEN stock had 65 new institutional investments in for a total of 15,589,685 shares, while 22 institutional investors sold positions of 2,116,572 shares during the same period.