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Patterson-UTI (PTEN) Stock Sinks As Market Gains: What You Should Know
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Patterson-UTI (PTEN - Free Report) closed at $16.01 in the latest trading session, marking a -1.54% move from the prior day. This change lagged the S&P 500's daily gain of 1.47%. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq gained 7.94%.
Coming into today, shares of the provider of onshore contract drilling services had lost 0.25% in the past month. In that same time, the Oils-Energy sector gained 1.59%, while the S&P 500 gained 7.41%.
Wall Street will be looking for positivity from Patterson-UTI as it approaches its next earnings report date. This is expected to be February 8, 2023. On that day, Patterson-UTI is projected to report earnings of $0.43 per share, which would represent year-over-year growth of 213.16%. Meanwhile, our latest consensus estimate is calling for revenue of $759.51 million, up 62.81% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Patterson-UTI. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 10.86% higher. Patterson-UTI is currently a Zacks Rank #1 (Strong Buy).
Digging into valuation, Patterson-UTI currently has a Forward P/E ratio of 6.73. Its industry sports an average Forward P/E of 10.53, so we one might conclude that Patterson-UTI is trading at a discount comparatively.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 10, which puts it in the top 4% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Patterson-UTI (PTEN) Stock Sinks As Market Gains: What You Should Know
Patterson-UTI (PTEN - Free Report) closed at $16.01 in the latest trading session, marking a -1.54% move from the prior day. This change lagged the S&P 500's daily gain of 1.47%. At the same time, the Dow lost 0.11%, and the tech-heavy Nasdaq gained 7.94%.
Coming into today, shares of the provider of onshore contract drilling services had lost 0.25% in the past month. In that same time, the Oils-Energy sector gained 1.59%, while the S&P 500 gained 7.41%.
Wall Street will be looking for positivity from Patterson-UTI as it approaches its next earnings report date. This is expected to be February 8, 2023. On that day, Patterson-UTI is projected to report earnings of $0.43 per share, which would represent year-over-year growth of 213.16%. Meanwhile, our latest consensus estimate is calling for revenue of $759.51 million, up 62.81% from the prior-year quarter.
Investors should also note any recent changes to analyst estimates for Patterson-UTI. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 10.86% higher. Patterson-UTI is currently a Zacks Rank #1 (Strong Buy).
Digging into valuation, Patterson-UTI currently has a Forward P/E ratio of 6.73. Its industry sports an average Forward P/E of 10.53, so we one might conclude that Patterson-UTI is trading at a discount comparatively.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 10, which puts it in the top 4% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.