The Vanguard Group, Inc. has recently announced that it has increased stake in Patterson-UTI Energy Inc (NASDAQ:PTEN) by 6.51%. After grabbing 42.59 million shares, the institutional investor is now in possession of 2.6 million shares of the Energy Company. The new investment brought the stake of investor firm to 10.21% having worth around $498.72 million. Moreover, Dimensional Fund Advisors LP increased its share by 0.35 million to have a control over 17.48 million shares. And Citadel Advisors LLC raised its holdings to 3.63 million shares by acquiring 10.72 million shares or 2.57% of the stake.
Patterson-UTI Energy Inc (PTEN) concluded trading on 01/03/24 at a closing price of $10.82, with 4.54 million shares of worth about $49.1 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -11.31% during that period and on Wednesday the price saw a loss of about -0.09%. Currently the company’s common shares owned by public are about 417.28M shares, out of which, 359.50M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 20 analysts are covering the PTEN stock and their offered price forecasts bring an average price target of $16.94. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $21.00 and could fall to a lowest price of $12.00. The stock’s current price level is 36.35% above of average price target set by the analysts, while a rise to estimated low would result in gain of 9.83% for the stock. However, touching the estimated high of $21.00 would mean a gain of 48.48% for the stock.
According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 50 times over the past 12 months. They bought 9,800,183 shares in 21 of the transactions. In 29 selling transactions, insiders dumped 3,418,250 shares.
iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and Vanguard Small Cap Index Fund are the top 3 mutual funds which are holding stakes in Patterson-UTI Energy Inc iShares Core S&P Small Cap ETF is currently holding 21.45 million shares of worth totaling $251.16 million. The company recently came buying 10044.0 shares which brought its stake up to 5.14% of the company’s outstanding shares. Vanguard Total Stock Market ETF bought 17232.0 shares, after which its hold over company’s outstanding shares expand to 2.96%, leaving 12.35 million shares with the mutual fund that have a worth of about $144.66 million. Vanguard Small Cap Index Fund, after buying 10.21 million shares, have now control over 2.45% of the stake in the company. It holds 47446.0 shares of worth $119.57 million.
Patterson-UTI Energy Inc (NASDAQ: PTEN) started trading at $10.82, below -$0.01 from concluding price of the previous day. However, the stock later moved at a day high price of 11.02, or with a loss of -0.09%. Stock saw a price change of -3.13% in past 5 days and over the past one month there was a price change of -8.07%. Year-to-date (YTD), PTEN shares are showing a performance of 0.19% which decreased to -35.75% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $9.70 but also hit the highest price of $17.86 during that period. The average intraday trading volume for Patterson-UTI Energy Inc shares is 6.69 million. The stock is currently trading -1.83% below its 20-day simple moving average (SMA20), while that difference is down -8.50% for SMA50 and it goes to -14.26% lower than SMA200.
The Vanguard Group, Inc. acquired 42.59 million shares of Patterson-UTI Energy Inc having value of about $498.72 million. Data submitted at the U.S SEC by The Vanguard Group, Inc. revealed that the firm now holds 2.6 million shares in the company valued at close to $28158898.52, or have control over 6.51% stake in the company. Patterson-UTI Energy Inc (NASDAQ: PTEN) currently have 417.28M outstanding shares and institutions hold larger chunk of about 83.12% of that. Holding of mutual funds in the company is about 33.53% while other institutional holders and individual stake holders have control over 50.52% and 3.26% of the stake respectively.
The stock has a current market capitalization of $4.51B and its 3Y-monthly beta is at 2.25. PE ratio of stock for trailing 12 months is 8.18, while it has posted earnings per share of $1.32 in the same period. Its PEG reads 0.18 and has Quick Ratio of 1.19 while making debt-to-equity ratio of 0.28. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for PTEN, volatility over the week remained 2.49% while standing at 3.34% over the month.
Analysts are in expectations that Patterson-UTI Energy Inc (PTEN) stock would likely to be making an EPS of $0.19 in the current quarter, while forecast for next quarter EPS is $0.26 and it is $1.29 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.14 which is $0.31 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.46 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 58.14% while it is estimated to increase by 14.17% in next year. EPS is likely to shrink at an annualized rate of 44.60% for next 5-years, compared to annual growth of 88.00% made by the stock over the past 5-years.
Analysts at 20 brokerage firms have issued recommendations for the Patterson-UTI Energy Inc (PTEN)’s stock and average of those rates the stock at a “Strong Buy” and assign it a score of 1.60. Out of those 20 Wall Street analysts, 13 recommended a “Buy” rating, while 5 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Goldman on December 19, 2023 offering a Neutral rating for the stock and assigned a target price of $12 to it.
