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Friday, November 27, 2020

Patterson-UTI Energy Inc. (NASDAQ:PTEN) Stock is Soaring, Here is Why

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Patterson-UTI Energy Inc. (PTEN) shares are trading at higher $2.68 and the avg recommendation for the stock is Hold, while the current analyst price target stands at $3.95.

To add more color to this target, the company’s high over the last year is $10.95 and the low is $1.61. Over the last 52 weeks, PTEN is down -67.71% while the S&P 500 is up 14.46%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, PTEN reported a profit of $-159.08 million. Patterson-UTI Energy Inc. also saw revenues decrease to $250.38 million. In addition, PTEN has free cash flow of $97.73 million as of 06-2020. The company’s EBITDA came in at $14.22 million which compares well with its peers.

PTEN booked profit margins of -52.20%, its Return on Equity (ROE) is -35.90%, and its Return on Assets is -22.60%. All told, it is clear that, PTEN needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. PTEN has a short ratio of 5.51 and outstanding shares of 186.63M.

Company Outlook

PTEN has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 2.3 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -4.84. Patterson-UTI Energy Inc. PTEN also noted assets of $3.61 billion at the end of the last quarter. Investors should also keep an eye on sector updates as PTEN has historically followed its peers on positive news.

All told, Patterson-UTI Energy Inc. PTEN has strung together solid data and demonstrated underlying fundamentals. At its current valuation, PTEN represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Patterson-UTI Energy Inc. PTEN is now commanding a market cap of 538.22M and a float of 181.84M. PTEN is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of PTEN stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in PTEN, either long or short, and we have not been compensated for this article.

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