why Patterson-UTI Energy Inc. [PTEN] is a Good Choice for Investors After New Price Target of $21.65

Patterson-UTI Energy Inc. [NASDAQ: PTEN] loss -8.33% on the last trading session, reaching $11.66 price per share at the time. The company report on March 3, 2023 that Patterson-UTI Reports Drilling Activity for February 2023.

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PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of February 2023, the Company had an average of 131 drilling rigs operating in the United States. For the two months ended February 28, 2023, 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.

Patterson-UTI Energy Inc. represents 215.47 million in outstanding shares, while the company has a total market value of $2.56 billion with the latest information. PTEN stock price has been found in the range of $11.45 to $12.39.

If compared to the average trading volume of 3.18M shares, PTEN reached a trading volume of 5221190 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 $21.65 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.

The Benchmark Company have made an estimate for Patterson-UTI Energy Inc. shares, keeping their opinion on the stock as Hold, with their previous recommendation back on January 19, 2023. The new note on the price target was released on January 17, 2023, representing the official price target for Patterson-UTI Energy Inc. stock.

The Average True Range (ATR) for Patterson-UTI Energy Inc. is set at 0.79, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 0.97. The Price to Book ratio for the last quarter was 1.51, with the Price to Cash per share for the same quarter was set at 0.63. Price to Free Cash Flow for PTEN in the course of the last twelve months was 29.65 with Quick ratio for the last quarter at 1.40.

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 -19.14. With this latest performance, PTEN shares dropped by -22.81% in over the last four-week period, additionally sinking by -21.48% over the last 6 months – not to mention a drop of -23.94% 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 27.63, with the RSI for the last a single of trading hit 21.67, and the three-weeks RSI is set at 31.89 for Patterson-UTI Energy Inc. [PTEN]. The present Moving Average for the last 50 days of trading for this stock 15.36, while it was recorded at 12.70 for the last single week of trading, and 15.61 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 +7.54 and a Gross Margin at +11.98. Patterson-UTI Energy Inc.’s Net Margin is presently recorded at +5.84.

Return on Equity for this stock inclined to 9.44, with Return on Assets sitting at 5.07.

Patterson-UTI Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.40 and a Current Ratio set at 1.50.

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

There are presently around $2,516 million, or 99.00% of PTEN stock, in the hands of institutional investors. The top three institutional holders of PTEN stocks are: BLACKROCK INC. with ownership of 41,182,824, which is approximately 2.069% of the company’s market cap and around 1.00% of the total institutional ownership; VANGUARD GROUP INC, holding 26,004,724 shares of the stock with an approximate value of $303.21 million in PTEN stocks shares; and MACQUARIE GROUP LTD, currently with $168.36 million in PTEN stock with ownership of nearly 3.928% of the company’s market capitalization.

Positions in Patterson-UTI Energy Inc. stocks held by institutional investors increased at the end of Thursday and at the time of the Thursday reporting period, where 167 institutional holders increased their position in Patterson-UTI Energy Inc. [NASDAQ:PTEN] by around 14,523,329 shares. Additionally, 136 investors decreased positions by around 20,241,068 shares, while 37 investors held positions by with 181,051,178 shares. The mentioned changes placed institutional holdings at 215,815,575 shares, according to the latest SEC report filing. PTEN stock had 58 new institutional investments in for a total of 4,602,170 shares, while 27 institutional investors sold positions of 2,648,225 shares during the same period.


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