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With 37.74% Distance From Low, Is Patterson-UTI Energy Inc. (NASDAQ:PTEN) Poised For More Gains?

In last trading session, Patterson-UTI Energy Inc. (NASDAQ:PTEN) saw 20.23 million shares changing hands with its beta currently measuring 2.38. Company’s recent per share price level of $15.58 trading at -$0.23 or -1.45% at ring of the bell on the day assigns it a market valuation of $6.25B. That closing price of PTEN’s stock is at a discount of -27.15% from its 52-week high price of $19.81 and is indicating a premium of 37.74% from its 52-week low price of $9.70. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 9.9 million shares which gives us an average trading volume of 4.94 million if we extend that period to 3-months.

For Patterson-UTI Energy Inc. (PTEN), analysts’ consensus is at an average recommendation of an Overweight while assigning it a mean rating of 2.20. Splitting up the data highlights that, out of 19 analysts covering the stock, 0 rated the stock as a Sell while 3 recommended an Overweight rating for the stock. 6 suggested the stock as a Hold whereas 10 see the stock as a Buy. 0 analyst(s) advised it as an Underweight. The company is expected to be making an EPS of $0.3 in the current quarter.

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

Upright in the red during last session for losing -1.45%, in the last five days PTEN remained trading in the green while hitting it’s week-highest on Thursday, 09/14/23 when the stock touched $15.58 price level, adding 3.65% to its value on the day. Patterson-UTI Energy Inc.’s shares saw a change of -7.48% in year-to-date performance and have moved 3.87% in past 5-day. Patterson-UTI Energy Inc. (NASDAQ:PTEN) showed a performance of 7.23% in past 30-days. Number of shares sold short was 18.4 million shares which calculate 5.12 days to cover the short interests.

Wall Street analysts have assigned a consensus price target of $18.15 to the stock, which implies a rise of 14.16% to its current value. Analysts have been projecting $14.00 as a low price target for the stock while placing it at a high target of $23.00. It follows that stock’s current price would drop -47.63% in reaching the projected high whereas dropping to the targeted low would mean a gain of 10.14% for stock’s current value.

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

Statistics highlight that Patterson-UTI Energy Inc. is scoring comparatively higher than the scores of other players of the relevant industry. The company added 33.05% of value to its shares in past 6 months, showing an annual growth rate of 129.23% while that of industry is 33.70. Apart from that, the company came raising its revenue forecast for fiscal year 2023. The company is estimating its revenue growth to increase by 7.10% in the current quarter and calculating -37.00% decrease in the next quarter. This year revenue growth is estimated to rise 13.30% from the last financial year’s standing.

8 industry analysts have given their estimates about the company’s current quarter revenue by setting an average figure of $707.81 million for the same. And 8 analysts are in estimates of company making revenue of $724.33 million in the next quarter that will end on Dec 2023. Company posted $672.1 million and $788.48 million of sales in current and next quarters respectively a year earlier. Analysts are expecting this quarter sales to grow by 5.30% while estimating it to be -8.10% for the next quarter.

Weighing up company’s earnings over the past 5-year and in the next 5-year periods, we find the company posting an annual earnings growth rate of 21.60% during past 5 years. In 2023, company’s earnings growth rate is likely to be around 120.90% while estimates for its earnings growth in next 5 years are of 44.60%.

PTEN Dividends

Patterson-UTI Energy Inc. is more likely to be releasing its next quarterly report between October 24 and October 30 and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.

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

Insiders are in possession of 2.31% of company’s total shares while institution are holding 104.28 percent of that, with stock having share float percentage of 106.74%. Investors also watch the number of corporate investors in a company very closely, which is 104.28% institutions for Patterson-UTI Energy Inc. that are currently holding shares of the company. Blackrock Inc. is the top institutional holder at PTEN for having 37.19 million shares of worth $445.21 million. And as of Jun 29, 2023, it was holding 17.88% of the company’s outstanding shares.

The second largest institutional holder is Vanguard Group Inc, which was holding about 24.7 million shares on Jun 29, 2023. The number of shares represents firm’s hold over 11.87% of outstanding shares, having a total worth of $295.64 million.

On the other hand, iShares Core S&P Smallcap ETF and VanEck ETF Trust-VanEck Oil Services ETF are the top two Mutual Funds which own company’s shares. As of Aug 30, 2023, the former fund manager was holding 22.63 million shares of worth $319.99 million or 10.88% of the total outstanding shares. The later fund manager was in possession of 8.22 million shares on Aug 30, 2023, making its stake of worth around $116.21 million in the company or a holder of 3.95% of company’s stock.

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