Patterson-UTI Energy Inc. (NASDAQ:PTEN) saw an upside of 0.96% to $15.31 after adding $0.14 on Wednesday. The 5-day average trading volume is 2,740,117 shares of the company’s common stock. It has gained $15.77 in the past week and touched a new high 2 times within the past 5 days. An average of 3,668,354 shares of the company has been traded in the last 20 days, and the 50-day average volume stands at 4,302,916.
PTEN’s 1-month performance is 11.46% or $2.26 on its low of $13.08 reached on 07/10/23. The company’s shares have touched a 52-week low of $9.70 and high of $19.81, with the stock’s rally to the 52-week high happening on 01/12/23. YTD, PTEN has lost -9.06% or -$1.57 and has reached a new high 4 times. However, the current price is down -22.69% from the 52-week high price.
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Insider Transactions
PTEN stock investors last saw insider trading activity on Jul 25.Holcomb James Michael (Chief Operating Officer) most recently sold 8,802 shares at $15.47 per share on Jul 25. This transaction cost the insider $136,167. President & CEO, Hendricks William Andrew JR, sold 200,000 shares at a price of $14.84 on Jul 18. Then, on Jul 18, Chief Operating Officer Holcomb James Michael sold 5,904 shares at a price of $14.96 per share. This transaction amounted to $88,324.
Valuation Metrics
PTEN stock has a beta of 2.38. Moving on to other valuation ratios, the trailing price-to-sales (P/S) ratio is 1.06 while the price-to-book (PB) in the most recent quarter is 1.85, with the price to cash flow ratio at 10.08.
Patterson-UTI Energy Inc.’s quick ratio for the period ended June 29 was 1.60, with the current ratio over the same period at 1.80. As well, the company’s long term debt to equity for the quarter ending June 29 was 0.48, while the total debt to equity was 0.48. In terms of profitability, the gross margin trailing 12 months is 34.20%. The trailing 12-month EBITDA margin is 25.82% while for the period ending June 29, Patterson-UTI Energy Inc.’s operating margin was 13.80%. The firm’s gross profit as reported stood at $211.03 million against revenue of $2.65 billion.
Earnings Surprise
For the quarterly period ending June 29 this year, Net income and sales went down compared to those figures reported in the previous quarter. Net income grew 74.13% to $84.61 million, while revenue of $99.68 million was -17.81% off the previous quarter. Analysts expected PTEN to announce $0.44 per share in earnings in its latest quarter, but it posted $0.4, representing a -9.10% surprise. EBITDA for the quarter stood at more than $231.0 million. PTEN stock balance sheet for the quarter ending June 29 shows that total liabilities totaled 1.4 billion, with total debt at $844.45 million. Shareholders hold equity totaling $207.99 million.
Let’s look briefly at Patterson-UTI Energy Inc. (PTEN) price momentum from a technical analysis perspective. The 9-day relative strength index as at close on 08 August was 57.64% to suggest the stock is trending Neutral, with historical volatility in this time period at 27.44%.
The stock’s 5-day moving average is $15.31, reflecting a -1.48% or -$0.23 change from its current price. PTEN is currently trading +9.94% above its 20-day SMA, +30.40% above its 100-day SMA. However, the stock’s current price level is away from the SMA50 by +45.43% and SMA200 by+2.48%.
Stochastic %K and %D was 50.06% and 55.38% and the average true range (ATR) pointed at 0.54. The RSI (14) points at 61.68%, while the 14-day stochastic is at 53.92% with the period’s ATR at 0.55. The stock’s 9-day MACD Oscillator is pointing at -0.21 and -0.15 on the 14-day charts.
Analyst Ratings
In the most recent analyst report for Patterson-UTI Energy Inc. (NASDAQ: PTEN), The Benchmark Company upgraded it to a Buy rating. They previously had a Hold rating on the stock. Analysts offering their rating for PTEN stock have a consensus rating for the stock as Overweight. Currently, 0 brokerage advisors rate PTEN as a “sell,”, while 6 advise that investors “Hold.” 0 analysts have rated the stock as underweight. 3 rates the stock as overweight while 8 have offered a “buy” rating.
What is PTEN’s price target for the next 12 months?
Analysts have a consensus price target ranging from a low of $14.00 and a high of $22.00, with their median price target at $18.00. Looking at these predictions, the average price target given by analysts is for Patterson-UTI Energy Inc. (PTEN) stock is $17.70.
