Market Analysts see Patterson-UTI Energy Inc. [PTEN] gaining to $19. Time to buy?

Patterson-UTI Energy Inc. [NASDAQ: PTEN] gained 3.81% or 0.67 points to close at $18.26 with a heavy trading volume of 2750999 shares. The company report on November 3, 2022 that Patterson-UTI Reports Drilling Activity for October 2022.


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PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of October 2022, the Company had an average of 131 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.

The daily chart for PTEN points out that the company has recorded 12.44% gains over the past six months.

If we look at the average trading volume of 2.66M shares, PTEN reached to a volume of 2750999 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 $22.00 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 Overweight, with their previous recommendation back on October 07, 2022. While these analysts kept the previous recommendation, BofA Securities dropped their target price from $22 to $13.50. The new note on the price target was released on July 15, 2022, representing the official price target for Patterson-UTI Energy Inc. stock. Previously, the target price had yet another raise from $21 to $22.75, while Piper Sandler kept a Neutral rating on PTEN stock.

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 1.97. The Price to Book ratio for the last quarter was 2.50, with the Price to Cash per share for the same quarter was set at 0.09.

Trading performance analysis for PTEN stock

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 8.37. With this latest performance, PTEN shares gained by 27.60% in over the last four-week period, additionally plugging by 12.44% over the last 6 months – not to mention a rise of 100.00% 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 71.44, with the RSI for the last a single of trading hit 76.96, and the three-weeks RSI is set at 66.46 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 14.50, while it was recorded at 17.76 for the last single week of trading, and 14.91 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 1.30 and a Current Ratio set at 1.40.

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

There are presently around $4,009 million, or 99.80% 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 $461.52 million in PTEN stocks shares; and MACQUARIE GROUP LTD, currently with $245.84 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 October and at the time of the October reporting period, where 132 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 38,028,700 shares. Additionally, 145 investors decreased positions by around 31,238,536 shares, while 40 investors held positions by with 150,294,282 shares. The mentioned changes placed institutional holdings at 219,561,518 shares, according to the latest SEC report filing. PTEN stock had 38 new institutional investments in for a total of 15,446,180 shares, while 40 institutional investors sold positions of 6,038,404 shares during the same period.

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