Patterson-UTI Energy Inc (NASDAQ:PTEN) shares, rose in value, with the stock price up by 3.05% to the previous day’s close as strong demand from buyers drove the stock to $12.52.
Actively observing the price movement in the last trading, the stock closed the session at $12.15. The value of beta (5-year monthly) was 2.23 whereas the PE ratio was 12.34 over 12-month period. Referring to stock’s 52-week performance, its high was $16.17, and the low was $9.70. On the whole, PTEN has fluctuated by 7.47% over the past month.
With the market capitalization of Patterson-UTI Energy Inc currently standing at about $5.11 billion, investors are eagerly awaiting this quarter’s results, scheduled for Apr 25, 2024 – Apr 29, 2024. The company’s Forward Dividend Ratio is 0.32, with its dividend yield at 2.56%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $0.13, which is expected to increase to $0.21 for fiscal year $0.65 and then to about $1.04 by fiscal year 2025. Data indicates that the EPS growth is expected to be -26.10% in 2025, while the next year’s EPS growth is forecast to be 60.00%.
Analysts have estimated the company’s revenue for the quarter at $1.52 billion, with a low estimate of $1.51 billion and a high estimate of $1.53 billion. According to the average forecast, sales growth in current quarter could jump up 91.40%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $6.18 billion, representing an increase of 49.10% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that PTEN’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of Hold while long term indicators on average have been pointing out that it is a Hold.
The stock’s technical analysis shows that the PEG ratio is about 0.28, with the price of PTEN currently trading nearly 5.78% and 9.73% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 63.24, while the 7-day volatility ratio is showing 3.27% which for the 30-day chart, stands at 3.64%. Furthermore, Patterson-UTI Energy Inc (PTEN)’s beta value is 2.23, and its average true range (ATR) is 0.42.
A comparison of Patterson-UTI Energy Inc (PTEN) with its peers suggests the former has fared considerably weaker in the market. PTEN showed an intraday change of 3.05% in last session, and over the past year, it grew by 2.37%%.
Data on historical trading for Patterson-UTI Energy Inc (NASDAQ:PTEN) indicates that the trading volumes over the past 10 days have averaged 6.46 million and over the past 3 months, they’ve averaged 6.84 million. According to company’s latest data on outstanding shares, there are 411.20 million shares outstanding.
Nearly 12.63% of Patterson-UTI Energy Inc’s shares belong to company insiders and institutional investors own 86.74% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 25.58 million shares as on Mar 15, 2024, resulting in a short ratio of 3.47. According to the data, the short interest in Patterson-UTI Energy Inc (PTEN) stood at 6.27% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 23.51 million. The stock has risen by 15.93% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the PTEN stock heading into the next quarter.
