Patterson-UTI Energy Inc. [PTEN] Stock trading around $16.39 per share: What’s Next?

Patterson-UTI Energy Inc. [NASDAQ: PTEN] stock went on an upward path that rose over 0.43% on Thursday, amounting to a one-week price increase of more than 7.55%. The company report on August 3, 2022 that Patterson-UTI Reports Drilling Activity for July 2022.

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PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of July 2022, the Company had an average of 126 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.

Over the last 12 months, PTEN stock rose by 122.69%. The one-year Patterson-UTI Energy Inc. stock forecast points to a potential upside of 23.48. The average equity rating for PTEN stock is currently 2.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $3.59 billion, with 216.16 million shares outstanding and 212.35 million shares in the current float. Compared to the average trading volume of 3.32M shares, PTEN stock reached a trading volume of 1975383 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $21.42 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 2.20. 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.

BofA Securities have made an estimate for Patterson-UTI Energy Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on July 15, 2022. While these analysts kept the previous recommendation, Piper Sandler raised their target price from $21 to $22.75. The new note on the price target was released on June 01, 2022, representing the official price target for Patterson-UTI Energy Inc. stock. Previously, the target price had yet another raise to $20, while JP Morgan analysts kept a Neutral rating on PTEN stock.

The Average True Range (ATR) for Patterson-UTI Energy Inc. is set at 0.85, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 1.84. The Price to Book ratio for the last quarter was 2.25, with the Price to Cash per share for the same quarter was set at 0.09.

PTEN Stock Performance Analysis:

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 7.55. With this latest performance, PTEN shares gained by 7.05% in over the last four-week period, additionally plugging by 24.64% over the last 6 months – not to mention a rise of 122.69% 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 60.90, with the RSI for the last a single of trading hit 67.56, and the three-weeks RSI is set at 56.90 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 14.85, while it was recorded at 15.79 for the last single week of trading, and 13.47 for the last 200 days.

Insight into Patterson-UTI Energy Inc. 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 1.30 and a Current Ratio set at 1.40.

Patterson-UTI Energy Inc. [PTEN] Insider Position Details

There are presently around $3,656 million, or 97.22% of PTEN stock, in the hands of institutional investors. The top three institutional holders of PTEN stocks are: BLACKROCK INC. with ownership of 38,929,387, which is approximately 9.755% of the company’s market cap and around 1.60% of the total institutional ownership; VANGUARD GROUP INC, holding 25,274,746 shares of the stock with an approximate value of $414.25 million in PTEN stocks shares; and MACQUARIE GROUP LTD, currently with $220.67 million in PTEN stock with ownership of nearly 1.624% 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 134 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 39,431,709 shares. Additionally, 146 investors decreased positions by around 30,885,907 shares, while 33 investors held positions by with 152,764,734 shares. The mentioned changes placed institutional holdings at 223,082,350 shares, according to the latest SEC report filing. PTEN stock had 41 new institutional investments in for a total of 15,973,193 shares, while 40 institutional investors sold positions of 4,129,774 shares during the same period.


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