Patterson-UTI Energy Inc (NASDAQ: PTEN): Finding Hidden Gems Among Volatility

The trading price of Patterson-UTI Energy Inc (NASDAQ:PTEN) closed higher on Tuesday, April 02, closing at $11.92, 1.45% higher than its previous close.

The company’s P/E ratio in the trailing 12-month period was 11.75, while its 5Y monthly beta was 2.23. In examining the 52-week price action we see that the stock hit a 52-week high of $16.17 and a 52-week low of $9.70. Over the past month, the stock has gained 1.53% in value.

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Patterson-UTI Energy Inc, whose market valuation is $4.87 billion at the time of this writing, is expected to release its quarterly earnings report Apr 25, 2024 – Apr 29, 2024. The dividend yield on the company stock is 2.68%, while its Forward Dividend ratio is 0.32. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by $0.13 per share this quarter, however they have predicted annual earnings per share of $0.66 for 2024 and $1.05 for 2025. It means analysts are expecting annual earnings per share growth of -25.00% this year and 59.10% next year.

Analysts have forecast the company to bring in revenue of $1.52 billion for the current quarter, with the likely lows of $1.51 billion and highs of $1.53 billion. The average estimate suggests sales will likely up by 91.40% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2024 is $6.19 billion. The company’s revenue is forecast to grow by 49.40% over what it did in 2024.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Patterson-UTI Energy Inc No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest PTEN has a 50% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a Hold, while an average of long term indicators suggests that the stock is currently 50% Sell.

If we dig deeper into the stock’s outlook, we see that the stock’s PEG is 0.26, which symbolizes a positive outlook. A quick review shows that PTEN’s price is currently 1.38% off the SMA20 and 5.54% off the SMA50. The RSI metric on the 14-day chart is currently showing 55.33, and weekly volatility stands at 3.27%. When measured over the past 30 days, the indicator reaches 3.46%. Patterson-UTI Energy Inc (NASDAQ:PTEN)’s beta value is currently sitting at 2.24, while the Average True Range indicator is currently displaying 0.40.

To see how Patterson-UTI Energy Inc stock has been performing in comparison to its peers in the industry, here are the numbers: PTEN stock’s performance was 1.45% in the latest trading, and 3.56% in the past year. Patterson-UTI Energy Inc has a P/E ratio of 11.75.

An evaluation of the daily trading volume of Patterson-UTI Energy Inc (NASDAQ:PTEN) indicates that the 3-month average is 6.78 million. However, this figure has increased over the past 10 days to an average of 6.35 million.

Currently, records show that 411.20 million of the company’s shares remain outstanding. The insiders hold 12.63% of outstanding shares, whereas institutions hold 86.75%. The stats also highlight that short interest as of Mar 15, 2024, stood at 25.58 million shares, resulting in a short ratio of 3.47 at that time. From this, we can conclude that short interest is 6.27% of the company’s total outstanding shares. It is noteworthy that short shares in March were up slightly from the previous month’s figure, which was 23.51 million. However, since the stock’s price has seen 10.37% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.