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Patterson-UTI (PTEN) Stock Moves -1.2%: What You Should Know
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Patterson-UTI (PTEN - Free Report) closed at $13.15 in the latest trading session, marking a -1.2% move from the prior day. This change was narrower than the S&P 500's 1.45% loss on the day. At the same time, the Dow lost 1.07%, and the tech-heavy Nasdaq lost 3.06%.
Prior to today's trading, shares of the provider of onshore contract drilling services had lost 7.51% over the past month. This has lagged the Oils-Energy sector's loss of 2.63% and the S&P 500's loss of 3.83% in that time.
Patterson-UTI will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.36, up 376.92% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $756.03 million, up 48.42% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.83 per share and revenue of $3.24 billion. These totals would mark changes of +181.54% and +22.28%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Patterson-UTI. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 23.35% lower. Patterson-UTI currently has a Zacks Rank of #5 (Strong Sell).
Digging into valuation, Patterson-UTI currently has a Forward P/E ratio of 7.26. Its industry sports an average Forward P/E of 9.4, so we one might conclude that Patterson-UTI is trading at a discount comparatively.
Meanwhile, PTEN's PEG ratio is currently 0.13. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Drilling was holding an average PEG ratio of 0.13 at yesterday's closing price.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 204, putting it in the bottom 20% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Patterson-UTI (PTEN) Stock Moves -1.2%: What You Should Know
Patterson-UTI (PTEN - Free Report) closed at $13.15 in the latest trading session, marking a -1.2% move from the prior day. This change was narrower than the S&P 500's 1.45% loss on the day. At the same time, the Dow lost 1.07%, and the tech-heavy Nasdaq lost 3.06%.
Prior to today's trading, shares of the provider of onshore contract drilling services had lost 7.51% over the past month. This has lagged the Oils-Energy sector's loss of 2.63% and the S&P 500's loss of 3.83% in that time.
Patterson-UTI will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.36, up 376.92% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $756.03 million, up 48.42% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.83 per share and revenue of $3.24 billion. These totals would mark changes of +181.54% and +22.28%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Patterson-UTI. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 23.35% lower. Patterson-UTI currently has a Zacks Rank of #5 (Strong Sell).
Digging into valuation, Patterson-UTI currently has a Forward P/E ratio of 7.26. Its industry sports an average Forward P/E of 9.4, so we one might conclude that Patterson-UTI is trading at a discount comparatively.
Meanwhile, PTEN's PEG ratio is currently 0.13. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Oil and Gas - Drilling was holding an average PEG ratio of 0.13 at yesterday's closing price.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 204, putting it in the bottom 20% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.