Patterson-UTI Energy Inc (NASDAQ:PTEN) price on Thursday, October 24, rose 2.18% above its previous day’s close as an upside momentum from buyers pushed the stock’s value to $7.97.
A look at the stock’s price movement, the close in the last trading session was $7.80, moving within a range at $7.53 and $8.18. The beta value (5-Year monthly) was 2.132. Turning to its 52-week performance, $13.62 and $7.45 were the 52-week high and 52-week low respectively. Overall, PTEN moved 1.01% over the past month.
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Patterson-UTI Energy Inc’s market cap currently stands at around $3.13 billion, with investors looking forward to this quarter’s earnings report slated for on 2024-Oct-23. The company has a Forward Dividend ratio of 0.32, with its dividend yield at 4.02%. As such, investors might be keen on an upside in the stock’s price ahead of the scheduled earnings report.
Analysts have a consensus estimate of 1.29B for the company’s revenue for the quarter, with a low and high estimate of 1.17B and 1.57B respectively. The average forecast suggests down to a -18.40% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 5.47B, representing a 31.90% jump on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that PTEN is a 100% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.
10 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 1 analyst(s) rate the stock as a Hold, 7 recommend PTEN as a Buy and 2 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
PTEN’s current price about -0.86% and -4.74% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 46.09, while 7-day volatility ratio is 4.73% and 3.86% in the 30-day chart. Further, Patterson-UTI Energy Inc (PTEN) has a beta value of 2.13, and an average true range (ATR) of 0.34. Analysts have given the company’s stock an average 52-week price target of $18, forecast between a low of $10.5 and high of $23. Looking at the price targets, the low is -31.74% off current price level while to achieve the yearly target high, price needs to move -188.58%. Nonetheless, investors will most likely welcome a -125.85% jump to $18 which is the analysts’ median price.
If we refocus on Patterson-UTI Energy Inc (NASDAQ:PTEN), historical trading data shows that trading volumes averaged 9.95 over the past 10 days and 7.43 million over the past 3 months. The company’s latest data on shares outstanding shows there are 411.20 million shares.
The 9.80% of Patterson-UTI Energy Inc’s shares are in the hands of company insiders while institutional holders own 94.33% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 29.77 million on 2024-09-30, giving us a short ratio of 4.35. The data shows that as of 2024-09-30 short interest in Patterson-UTI Energy Inc (PTEN) stood at 1052.0001 of shares outstanding, with shares short rising to 26.11 million registered in 2024-08-30. Current price change has pushed the stock -26.20% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the PTEN stock continues to rise going into the next quarter.
