Patterson-UTI Energy Inc [NASDAQ: PTEN] gained 2.32% on the last trading session, reaching $11.92 price per share at the time. The company report on March 4, 2024 at 6:45 PM that Patterson-UTI Reports Drilling Activity for February 2024.
PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of February 2024, the Company had an average of 122 drilling rigs operating in the United States. For the two months ended February 29, 2024, the Company had an average of 122 drilling rigs operating in the United States.
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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.
If compared to the average trading volume of 6.74M shares, PTEN reached a trading volume of 6351098 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 $16.03 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.
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 16, 2024. While these analysts kept the previous recommendation, Goldman raised their target price to Neutral. The new note on the price target was released on December 19, 2023, representing the official price target for Patterson-UTI Energy Inc stock. Previously, the target price had yet another drop from $20 to $17, while Morgan Stanley kept a Equal-Weight rating on PTEN stock. On October 16, 2023, analysts increased their price target for PTEN shares from 14 to 16.
The Average True Range (ATR) for Patterson-UTI Energy Inc is set at 0.43, with the Price to Sales ratio for PTEN stock in the period of the last 12 months amounting to 1.17. The Price to Book ratio for the last quarter was 1.02, with the Price to Cash per share for the same quarter was set at 0.47. Price to Free Cash Flow for PTEN in the course of the last twelve months was 12.47 with Quick ratio for the last quarter at 1.24.
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 1.45. With this latest performance, PTEN shares dropped by -1.16% in over the last four-week period, additionally sinking by -23.44% over the last 6 months – not to mention a rise of 4.93% 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 58.49, with the RSI for the last a single of trading hit 60.09, and the three-weeks RSI is set at 57.01 for Patterson-UTI Energy Inc [PTEN]. The present Moving Average for the last 50 days of trading for this stock 11.04, while it was recorded at 11.59 for the last single week of trading, and 12.56 for the last 200 days.
Patterson-UTI Energy Inc [PTEN]: A deeper dive into fundamental analysis
Patterson-UTI Energy Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.24 and a Current Ratio set at 1.41.
Patterson-UTI Energy Inc [PTEN]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Patterson-UTI Energy Inc posted 0.46/share EPS, while the average EPS was predicted by analysts to be reported at 0.35/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 31.40%. 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 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in PTEN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in PTEN stock with ownership which is approximately 5.8325%.
