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The Most Interesting Shares Today: Patterson-UTI Energy Inc. (NASDAQ: PTEN)

In the latest trading session, 0.68 million Patterson-UTI Energy Inc. (NASDAQ:PTEN) shares changed hands as the company’s beta touched 2.38. With the company’s most recent per share price at $15.52 changed hands at -$0.05 or -0.29% at last look, the market valuation stands at $6.54B. PTEN’s current price is a discount, trading about -27.64% off its 52-week high of $19.81. The share price had its 52-week low at $9.70, which suggests the last value was 37.5% up since then. When we look at Patterson-UTI Energy Inc.’s average trading volume, we note the 10-day average is 9.95 million shares, with the 3-month average coming to 4.93 million.

Analysts gave the Patterson-UTI Energy Inc. (PTEN) stock a consensus recommendation rating of an Overweight, calculated at a mean rating of 2.20. If we narrow down to specifics, the data shows that 0 out of 19 analysts rate the stock as a Sell, with a further 3 assigning it an Overweight rating. Of the remaining, 6 recommended PTEN as a Hold, 10 felt it is a Buy and 0 rated the stock as Underweight. Patterson-UTI Energy Inc.’s EPS for the current quarter is expected to be $0.27.

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

Instantly PTEN was in red as seen in intraday trades today. With action -1.37%, the performance over the past five days has been red. The drop to weekly highs of 16.17 on Monday, 09/18/23 subtracted -0.29% to the stock’s daily price. The company’s shares are showing year-to-date downside of -7.81%, with the 5-day performance at -1.37% in the red. However, in the 30-day time frame, Patterson-UTI Energy Inc. (NASDAQ:PTEN) is 5.76% up. Looking at the short shares, we see there were 18.4 million shares sold at short interest cover period of 5.12 days.

The consensus price target for the stock as assigned by Wall Street analysts is $18.15, meaning bulls need an upside of 14.49% from its recent market value. According to analyst projections, PTEN’s forecast low is $14.00 with $23.00 as the target high. To hit the forecast high, the stock’s price needs a -48.2% plunge from its current level, while the stock would need to tank 9.79% for it to hit the projected low.

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

Data shows that the Patterson-UTI Energy Inc. share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot 33.72% over the past 6 months, a 129.23% in annual growth rate that is considerably higher than the industry average of 33.70%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Patterson-UTI Energy Inc. will fall -3.60%, while the growth in revenue is estimated to hit -17.40% for the next quarter. Year-over-year growth is forecast to reach 68.60% up from the last financial year.

Consensus estimates given by 4 financial analysts project the company’s revenue in the current quarter to hit an average of $1.14 billion. 4 analysts are of the opinion that Patterson-UTI Energy Inc.’s revenue for the quarter ending Dec 2023 will be $1.59 billion. The company’s revenue for the corresponding quarters a year ago was $672.1 million and $788.48 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 70.00%. The estimates for the next quarter sales put growth at 101.50%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 21.60%. The 2023 estimates are for Patterson-UTI Energy Inc. earnings to increase by 120.90%, but the outlook for the next 5-year period is at 44.60% per year.

PTEN Dividends

Patterson-UTI Energy Inc. is expected to release its next quarterly earnings report between October 24 and October 30. The 2.06% annual yield figure for the share gives it an annual dividend of 0.32. It is important to note, however, that the 2.06% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

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

If we look at who the major shareholders are, we find that insiders hold 2.31% of Patterson-UTI Energy Inc. shares while 104.28% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 106.74%. There are 104.28% institutions holding the Patterson-UTI Energy Inc. stock share, with Blackrock Inc. the top institutional holder. As of Jun 29, 2023, the company held 17.88% of the shares, roughly 37.19 million PTEN shares worth $578.54 million.

Vanguard Group Inc holds the second largest percentage of outstanding shares, with 11.87% or 24.7 million shares worth $384.18 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were iShares Core S&P Smallcap ETF and VanEck ETF Trust-VanEck Oil Services ETF. With 22.63 million shares estimated at $352.02 million under it, the former controlled 10.88% of total outstanding shares. On the other hand, VanEck ETF Trust-VanEck Oil Services ETF held about 3.95% of the shares, roughly 8.22 million shares worth around $127.84 million.

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