The Benchmark Company raised the price target for the Patterson-UTI Energy Inc (NASDAQ:PTEN) stock from “a Buy” to “a Hold”. The rating was released on January 16, 2024, according to finviz. The research report from Morgan Stanley has downgraded the stock from Overweight to Equal-Weight, with a price target set at $17. The stock was upgraded by BofA Securities, who disclosed in a research note on October 16, 2023, from Neutral to Buy and set the price objective to $16. In their research brief published October 09, 2023, Citigroup analysts upgraded the Patterson-UTI Energy Inc stock from Neutral to Buy with a price target of $18.
Historical Earnings Surprises and Revenue Forecasts
Profit is the most critical financial performance measure. Every investor in a business is looking forward to the earnings report as stock price to increase when earnings exceed market expectations and progressively decrease when earnings do not meet expectations. The firm reported an earnings per share (EPS) of $0.15 during the last quarter as opposed to a consensus estimate of $0.19, which indicates the company missed its estimate by -$0.04, which implies that the company surprised the market by -21.10%. It appears that the average earnings per share estimate for the current quarter (ending in Mar 2024) is $0.13. This is an average of 18 analysts’ earnings, where the high earnings per share estimate is $0.14 and the low earnings per share estimate is $0.11. According to 15 analyst estimates, an average revenue estimate of $1.52B is projected for the current quarter with a high revenue estimate of $1.53B and a low estimate of $1.51B.
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The latest trade, Performances and Moving Averages give us the following Picture
The firm’s stock price fluctuated 2.73% within the last five trades and 3.61% within the last 30 trades, which was a significant change from the beginning of this year. Despite the fact that the share price decreased -15.97% in the last 6 months and 7.88% was added to its value over the previous 3 months. PTEN stock is trading at a margin of 2.84%, 7.78% and -4.20% apart from the 20-Day, 50-Day and 200-Day Simple Moving Average prices.
As of the close of trading, PTEN deals in the Energy domain. The stock is trading -25.50 percent below its 52-week high and 24.23 percent above its 52-week low. For example, looking both at the price and the high and low measurements of 52 weeks will give you a clearer picture of the direction the price is heading. The firm’s Weighted Alpha is 1.4. A positive weighted alpha indicates the firm has done well over the course of the year, whereas one below 0 indicates that the firm has done poorly.
What Does Patterson-UTI Energy Inc’s Profitability and Valuation Ratios Tell Us About the Stock?
With regard to the profitability of the company, the operating margin is currently at 10.44 percent and the profit margin is 5.94 percent, and the company has reported a gross margin of 14.56 percent. The profit margin, also known as the revenue ratio or gross profit ratio, is an efficiency figure used to estimate the business’s profitability by comparing net income and sales. The higher the number, the more profits are generated for the company and vice versa.
The stock’s market cap achieved a total value of $4.92 billion as of the last trading session. Market capitalization is the total value of all outstanding shares of a corporation and it is used to measure a company’s market value. The price-to-earnings ratio for Patterson-UTI Energy Inc (NASDAQ:PTEN) is 11.87. The price-to-earnings ratio is a method of assessing corporate values by comparing them to their per-share profit. Forward P/E stands at 11.04. Forward price-to-earnings is calculated using predicted earnings for the next financial year’s P/E determination. The stock has achieved an effective Price-to-Sales Ratio of 1.19 that mirrors the cost to be found for sales by the market. The firm managed a Price-to-Book ratio of 1.03, which equates the market value of a stock with its book value.
Is Insider Trading a Real Thing?
Almost all investors and traders prefer to invest in shares controlled by the management of a corporation as a management company will be more likely to run the business itself and to never conduct things against the management’s desires and will always try to do what is best for their shareholders. Currently, 12.63 percent of Patterson-UTI Energy Inc shares are owned by insiders, and 86.75 percent are held by financial institutions. Drummond Robert Wayne Jr, the Director at Patterson-UTI Energy Inc (PTEN) has sold 65,344 shares of firm on Mar 01 ’24 at a price of $11.76 against the total amount of $0.77 million. In another inside trade, Drummond Robert Wayne Jr, Director of Patterson-UTI Energy Inc (NASDAQ:PTEN) sold 187,916 shares of the firm on Feb 29 ’24 for a total worth of $2.2 million at a price of $11.73. An inside trade which took place on Dec 01 ’23, Director of Patterson-UTI Energy Inc CEPAK TIFFANY THOM sold 15,000 shares of firm against total price of $0.18 million at the cost of $11.78 per share.
