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How Will Patterson-UTI Energy Inc. (NASDAQ: PTEN) Perform In Months To Come?

Patterson-UTI Energy Inc. (NASDAQ:PTEN) has a beta value of 2.36 and has seen 0.45 million shares traded in the recent trading session. The company, currently valued at $3.48B, closed the recent trade at $16.18 per share which meant it gained $0.06 on the day or 0.37% during that session. The PTEN stock price is -26.89% off its 52-week high price of $20.53 and 45.8% above the 52-week low of $8.77. If we look at the company’s 10-day average daily trading volume, we find that it stood at 2.4 million shares traded. The 3-month trading volume is 2.49 million shares.

The consensus among analysts is that Patterson-UTI Energy Inc. (PTEN) is an Overweight stock at the moment, with a recommendation rating of 2.20. 0 analysts rate the stock as a Sell, while 3 rate it as Overweight. 7 out of 17 have rated it as a Hold, with 7 advising it as a Buy. 0 have rated the stock as Underweight. The expected earnings per share for the stock is $0.41.

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Patterson-UTI Energy Inc. (NASDAQ:PTEN) trade information

Sporting 0.37% in the green today, the stock has traded in the red over the last five days, with the highest price hit on Monday, 01/23/23 when the PTEN stock price touched $16.18 or saw a rise of 7.91%. Year-to-date, Patterson-UTI Energy Inc. shares have moved -4.28%, while the 5-day performance has seen it change -7.20%. Over the past 30 days, the shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) have changed -4.95%. Short interest in the company has seen 10.87 million shares shorted with days to cover at 4.75.

Wall Street analysts have a consensus price target for the stock at $23.32, which means that the shares’ value could jump 30.62% from the levels at last check today. The projected low price target is $18.00 while the price target rests at a high of $28.00. In that case, then, we find that the latest price level in today’s session is -73.05% off the targeted high while a plunge would see the stock gain -11.25% from the levels at last check today.

Patterson-UTI Energy Inc. (PTEN) estimates and forecasts

Figures show that Patterson-UTI Energy Inc. shares have outperformed across the wider relevant industry. The company’s shares have gained 20.93% over the past 6 months, with this year growth rate of 133.16%, compared to 51.70% for the industry. Other than that, the company has, however, increased its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 207.90% and 453.80% for the next quarter. Revenue growth from the last financial year stood is estimated to be 92.80%.

10 analysts offering their estimates for the company have set an average revenue estimate of $757.44 million for the current quarter. 9 have an estimated revenue figure of $780.29 million for the next quarter concluding in Mar 2023. Year-ago sales stood $466.49 million and $509.38 million respectively for this quarter and the next, and analysts expect sales will grow by 62.40% for the current quarter and 53.20% for the next.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was -9.10% over the past 5 years.

PTEN Dividends

Patterson-UTI Energy Inc. is expected to release its next earnings report on February 08 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue. The forward dividend is 0.32 at a share yield of 1.99%. The company’s dividend yield has gone up over the past 12 months.

Patterson-UTI Energy Inc. (NASDAQ:PTEN)’s Major holders

Insiders own 2.07% of the company shares, while shares held by institutions stand at 99.00% with a share float percentage of 101.09%. Investors are also buoyed by the number of investors in a company, with Patterson-UTI Energy Inc. having a total of 386 institutions that hold shares in the company. The top two institutional holders are Blackrock Inc. with over 40.35 million shares worth more than $651.62 million. As of Sep 29, 2022, Blackrock Inc. held 18.61% of shares outstanding.

The other major institutional holder is Vanguard Group, Inc. (The), with the holding of over 25.64 million shares as of Sep 29, 2022. The firm’s total holdings are worth over $414.15 million and represent 11.83% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are iShares Core S&P Smallcap ETF and Vanguard Total Stock Market Index Fund. As of Dec 30, 2022, the former fund manager holds about 7.41% shares in the company for having 16.07 million shares of worth $259.49 million while later fund manager owns 6.48 million shares of worth $104.58 million as of Sep 29, 2022, which makes it owner of about 2.99% of company’s outstanding stock.

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