Patterson-UTI Energy Inc. (NASDAQ: PTEN) stock jumped 0.64% on Wednesday to $11.02 against a previous-day closing price of $10.95. With 1.76 million shares changed hands, the volume of the stock remained lighter than its average volume of 3.5 million shares. During the session, the Oil & Gas Drilling company that operates in wider Energy sector, reached to the highest price of $11.11 whereas the lowest price it dropped to was $10.81. The 52-week range on PTEN shows that it touched its highest point at $20.53 and its lowest point at $9.94 during that stretch. It currently has a 1-year price target of $17.58. With its current market cap of 2.36 billion, PTEN has annualized dividend of $0.32 while the current yield stands at 2.90%. Beta for the stock currently stands at 2.29.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of PTEN was up-trending over the past week, with a rise of 3.96%, but this was down by -5.73% over a month. Three-month performance dropped to -16.45% while six-month performance fell -38.26%. The stock lost -35.78% in the past year, while it has lost -34.56% so far this year. A look at the trailing 12-month EPS for PTEN yields 1.29 with Next year EPS estimates of 1.77. For the next quarter, that number is 0.45. This implies an EPS growth rate of 120.90% for this year and -0.11% for next year.
Float and Shares Shorts:
At present, 212.09 million PTEN shares are outstanding with a float of 204.16 million shares on hand for trading. On Apr 27, 2023, short shares totaled 14.6 million, which was 7.01% higher than short shares on Mar 30, 2023. In addition to Mr. William Andrew Hendricks Jr. as the firm’s Pres, CEO & Director, Mr. C. Andrew Smith serves as its Exec. VP & CFO.
Institutional Ownership:
Through their ownership of 103.49% of PTEN’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 62.81% of PTEN, in contrast to 4.52% held by mutual funds. Shares owned by individuals account for 38.43%. As the largest shareholder in PTEN with 15.71% of the stake, BlackRock Fund Advisors holds 33,556,972 shares worth 33,556,972. A second-largest stockholder of PTEN, The Vanguard Group, Inc., holds 25,647,656 shares, controlling over 12.00% of the firm’s shares. Macquarie Investment Management B is the third largest shareholder in PTEN, holding 13,701,904 shares or 6.41% stake. With a 7.37% stake in PTEN, the iShares Core S&P Small Cap ETF is the largest stakeholder. A total of 15,749,236 shares are owned by the mutual fund manager. The Delaware Small Cap Core Fund, which owns about 3.27% of PTEN stock, is the second-largest Mutual Fund holder. It holds 6,989,204 shares valued at 78.21 million. Vanguard Total Stock Market ETF holds 3.11% of the stake in PTEN, owning 6,646,839 shares worth 74.38 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, PTEN reported revenue of $622.24M and operating income of $36.94M. The EBITDA in the recently reported quarter was $34.51M and diluted EPS was $0.10.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for PTEN since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With PTEN analysts setting a high price target of $22.00 and a low target of $12.00, the average target price over the next 12 months is $17.39. Based on these targets, PTEN could surge 99.64% to reach the target high and rise by 8.89% to reach the target low. Reaching the average price target will result in a growth of 57.8% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Dividends & Yield:
In terms of dividends, PTEN has a current ratio of $0.32, which is $0.32 over the trailing 12-months, while a dividend of $0.13 is likely to be paid on average over the next five years. Dividend yield is another indicator that appeals to many investors, and PTEN currently yields $2.18. In the past year, PTEN’s dividend yield has been $2.18, but when looking at the stock over the past five years, its yield has been $1.64. Accordingly, PTEN has a current buyback yield of $6.26. This was $6.26 for the TTM, and it was $7.33 for the past five years.
Summary of Insider Activity:
Insiders traded PTEN stock several times over the past three months with 0 Buys and 12 Sells. In these transactions, 0 shares were bought while 146,226 shares were sold. The number of buy transactions has increased to 7 while that of sell transactions has risen to 21 over the past year. The total number of shares bought during that period was 75,707 while 621,226 shares were sold.
