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

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Patterson-UTI Energy Inc [NASDAQ: PTEN] loss -5.84% on the last trading session, reaching $11.76 price per share at the time. The company report on November 7, 2023 at 7:30 PM that Patterson-UTI Energy Reports Financial Results for the Quarter Ended September 30, 2023.

PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported financial results for the quarter ended September 30, 2023.

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Reported financial results for the quarter ended September 30, 2023 include:.

Patterson-UTI Energy Inc represents 415.12 million in outstanding shares, while the company has a total market value of $4.88 billion with the latest information. PTEN stock price has been found in the range of $11.74 to $12.35.

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If compared to the average trading volume of 5.81M shares, PTEN reached a trading volume of 7040476 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 $18.62 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 1.71. 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.

Morgan Stanley have made an estimate for Patterson-UTI Energy Inc shares, keeping their opinion on the stock as Equal-Weight, with their previous recommendation back on October 17, 2023.

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The Average True Range (ATR) for Patterson-UTI Energy Inc is set at 0.57, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 1.59. The Price to Book ratio for the last quarter was 1.42, with the Price to Cash per share for the same quarter was set at 0.36. Price to Free Cash Flow for PTEN in the course of the last twelve months was 12.75 with Quick ratio for the last quarter at 1.61.

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 -7.40. With this latest performance, PTEN shares dropped by -11.04% in over the last four-week period, additionally plugging by 12.11% over the last 6 months – not to mention a drop of -35.10% 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 27.93, with the RSI for the last a single of trading hit 20.94, and the three-weeks RSI is set at 32.92 for Patterson-UTI Energy Inc [PTEN]. The present Moving Average for the last 50 days of trading for this stock 13.89, while it was recorded at 12.49 for the last single week of trading, and 13.23 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 Total Capital for PTEN is now 7.97, given the latest momentum, and Return on Invested Capital for the company is 6.19. Return on Equity for this stock inclined to 9.44, with Return on Assets sitting at 5.07. When it comes to the capital structure of this company, Patterson-UTI Energy Inc [PTEN] has a Total Debt to Total Equity ratio set at 51.37. Additionally, PTEN Total Debt to Total Capital is recorded at 33.94, with Total Debt to Total Assets ending up at 27.22. Long-Term Debt to Equity for the company is recorded at 51.07, with the Long-Term Debt to Total Capital now at 33.74.

Reflecting on the efficiency of the workforce at the company, Patterson-UTI Energy Inc [PTEN] managed to generate an average of $23,794 per employee. Receivables Turnover for the company is 5.74 with a Total Asset Turnover recorded at a value of 0.87.Patterson-UTI Energy Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.61 and a Current Ratio set at 1.76.

Patterson-UTI Energy Inc [PTEN]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PTEN. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Patterson-UTI Energy Inc go to 44.60%.

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

The top three institutional holders of PTEN stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2579%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $201.66 billion in PTEN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $177.59 billion in PTEN stock with ownership which is approximately 5.7994%.

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