In Wednesday’s session, Patterson-UTI Energy Inc. (NASDAQ:PTEN) marked $18.05 per share, down from $18.52 in the previous session. While Patterson-UTI Energy Inc. has underperformed by -2.54%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, PTEN rose by 136.57%, with highs and lows ranging from $20.53 to $6.70, whereas the simple moving average jumped by 16.75% in the last 200 days.
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On October 07, 2022, Piper Sandler started tracking Patterson-UTI Energy Inc. (NASDAQ: PTEN) recommending Overweight. A report published by BofA Securities on July 15, 2022, Downgraded its rating to ‘Neutral’ for PTEN. Piper Sandler also Downgraded PTEN shares as ‘Neutral’, setting a target price of $22.75 on the company’s shares in a report dated June 01, 2022. The Benchmark Company initiated its ‘Buy’ rating for PTEN, as published in its report on April 19, 2022. Piper Sandler’s report from December 21, 2021 suggests a price prediction of $10.25 for PTEN shares, giving the stock a ‘Overweight’ rating. Citigroup also rated the stock as ‘Buy’.
Analysis of Patterson-UTI Energy Inc. (PTEN)
With PTEN’s current dividend of $0.32 per share, investors can expect to earn a return regardless of performance. Further, the quarter-over-quarter increase in sales is 103.30%, showing a positive trend in the upcoming months.
Patterson-UTI Energy Inc.’s future performance can be determined with the help of several well-rounded types of analysis and research techniques, with equity being one of the most influential. The goal here is to ensure that your current return on equity of -19.20% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 1.40, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
The average volume for any stock is also a very valuable indicator of volatility, and PTEN has an average volume of 2.70M. On a monthly basis, the volatility of the stock is set at 5.14%, whereas on a weekly basis, it is put at 4.67%, with a loss of -3.27% over the past seven days. Furthermore, long-term investors anticipate a median target price of $23.00, showing growth from the present price of $18.05, which can serve as yet another indication of whether PTEN is worth investing in or should be passed over.
How Do You Analyze Patterson-UTI Energy Inc. Shares?
In addition to analyzing the fundamentals, it is also important to look at how many company employees own stock. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 1.30%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 98.40% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
Are institutional investors increasing their holdings in PTEN shares?
The recent increase in stakes in PTEN appears to be a result of several institutional investors and hedge funds increasing their positions. BlackRock Fund Advisors’s position in PTEN has increased by 0.63% in the first quarter. The company now owns 33,751,687 shares of the stock, with a value of $595.72 million, following the purchase of 210,494 additional shares during the last quarter. The Vanguard Group, Inc. made another increased to its shares in PTEN during the first quarter, upping its stake by 1.49%. During the last quarter, the company picked up 370,243 additional shares for a total stake of worth $444.26 million, bringing number of shares owned by the company to 25,170,552.
During the first quarter, Macquarie Investment Management B added a 431,730 position in PTEN. Dimensional Fund Advisors LP purchased an additional 0.53 million shares in the last quarter, increasing its holdings by 5.91%, now holding 9.58 million shares worth $169.06 million. At the end of the first quarter, SSgA Funds Management, Inc. decreased its PTEN holdings by -1.23% and now holds 8.36 million PTEN shares valued at $147.54 million with the lessened -0.1 million shares during the period. PTEN shares are owned by institutional investors to the tune of 98.40% at present.