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Patterson-UTI (PTEN) Dips More Than Broader Markets: What You Should Know
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Patterson-UTI (PTEN - Free Report) closed the most recent trading day at $15.92, moving -1.18% from the previous trading session. This change lagged the S&P 500's 0.76% loss on the day. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 10.92%.
Coming into today, shares of the provider of onshore contract drilling services had lost 3.07% in the past month. In that same time, the Oils-Energy sector gained 5.16%, while the S&P 500 gained 2.18%.
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 might also notice recent changes to analyst estimates for Patterson-UTI. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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).
Valuation is also important, so investors should note that Patterson-UTI has a Forward P/E ratio of 6.67 right now. This valuation marks a discount compared to its industry's average Forward P/E of 10.62.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 11, which puts it in the top 5% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Patterson-UTI (PTEN) Dips More Than Broader Markets: What You Should Know
Patterson-UTI (PTEN - Free Report) closed the most recent trading day at $15.92, moving -1.18% from the previous trading session. This change lagged the S&P 500's 0.76% loss on the day. At the same time, the Dow lost 0.76%, and the tech-heavy Nasdaq lost 10.92%.
Coming into today, shares of the provider of onshore contract drilling services had lost 3.07% in the past month. In that same time, the Oils-Energy sector gained 5.16%, while the S&P 500 gained 2.18%.
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 might also notice recent changes to analyst estimates for Patterson-UTI. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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).
Valuation is also important, so investors should note that Patterson-UTI has a Forward P/E ratio of 6.67 right now. This valuation marks a discount compared to its industry's average Forward P/E of 10.62.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 11, which puts it in the top 5% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.