Future Outlook And Stock Price Trends Among Patterson-UTI Energy Inc Stocks (NASDAQ: PTEN)

In the last trading session, 6.51 million shares of the Patterson-UTI Energy Inc (NASDAQ:PTEN) were traded, and its beta was 2.22. Most recently the company’s share price was $11.75, and it changed around -$0.19 or -1.59% from the last close, which brings the market valuation of the company to $4.80B. PTEN currently trades at a discount to its 52-week high of $16.17, offering almost -37.62% off that amount. The share price’s 52-week low was $9.70, which indicates that the current value has risen by an impressive 17.45% since then. We note from Patterson-UTI Energy Inc’s average daily trading volume that its 10-day average is 6.41 million shares, with the 3-month average coming to 6.72 million.

Patterson-UTI Energy Inc stock received a consensus recommendation rating of Buy, based on a mean score of 1.71. If we narrow it down even further, the data shows that 1 out of 28 analysts rate the stock as a Sell; another 7 rate it as Overweight. Among the rest, 8 recommended PTEN as a Hold, whereas 12 deemed it a Buy, and 0 rated it as Underweight. Patterson-UTI Energy Inc is expected to report earnings per share of $0.13 for the current quarter.

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

Instantly PTEN has showed a red trend with a performance of -1.59% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 8.80% year-to-date, but still up 0.51% over the last five days. On the other hand, Patterson-UTI Energy Inc (NASDAQ:PTEN) is 1.56% up in the 30-day period. We can see from the shorts that 25.58 million shares have been sold at a short interest cover period of 3.47 day(s).

The consensus price target as assigned by Wall Street analysts is $20.8, which translates to bulls needing to increase their stock price by 43.51% from its current value. Analyst projections state that PTEN is forecast to be at a low of $20 and a high of $23.

Patterson-UTI Energy Inc (PTEN) estimates and forecasts

Patterson-UTI Energy Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -19.30 percent over the past six months and at a -42.24% annual growth rate that is well below the industry average of -4.70%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -71.70% in revenue this quarter, and will report a decrease of -62.50% in the next quarter. The year-over-year growth rate is expected to be 49.40%, up from the previous year.

Consensus estimates provided by 15 financial analysts predict the company will bring in an average of $1.52 billion in revenue for the current quarter. 15 analysts expect Patterson-UTI Energy Inc to make $1.53 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $791.8 million and $758.88 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 91.40%. Forecasts for the next quarter put sales growth at 102.10%.

Patterson-UTI Energy Inc earnings are expected to increase by -47.23% in 2024, but the outlook is positive 44.60% per year for the next five years.

PTEN Dividends

Patterson-UTI Energy Inc’s next quarterly earnings report is expected to be released around April 25 and April 29. The annual dividend yield of the stock is 2.72 percent and its annual dividend per share was 0.32. It is important to note, however, that the 2.72% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

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

Upon looking at major shareholders, it appears that insiders hold 1.94% of Patterson-UTI Energy Inc shares, and 97.21% of them are in the hands of institutional investors. The stock currently has a share float of 99.13%. Patterson-UTI Energy Inc stock is held by 456 institutions, with Blackrock Inc. being the largest institutional investor. By Jun 29, 2023, it held 27.46% of the shares, which is about 57.12 million shares worth $683.74 million.

Vanguard Group Inc, with 19.54% or 40.65 million shares worth $486.61 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

iShares Core S&P Smallcap ETF and Delaware Group Equity Fds V-Small Cap Core Fund were the top two Mutual Funds as of Sep 29, 2023. The former held 21.65 million shares worth $299.62 million, making up 10.41% of all outstanding shares. On the other hand, Delaware Group Equity Fds V-Small Cap Core Fund held roughly 12.1 million shares worth around $117.82 million, which represents about 5.82% of the total shares outstanding.