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Patterson-UTI (PTEN) Gains But Lags Market: What You Should Know
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Patterson-UTI (PTEN - Free Report) closed the most recent trading day at $11.71, moving +0.43% from the previous trading session. This change lagged the S&P 500's 1.76% gain on the day. Elsewhere, the Dow gained 1.17%, while the tech-heavy Nasdaq added 3.03%.
Heading into today, shares of the provider of onshore contract drilling services had lost 21.32% over the past month, lagging the Oils-Energy sector's loss of 12.2% and the S&P 500's loss of 5.94% in that time.
Wall Street will be looking for positivity from Patterson-UTI as it approaches its next earnings report date. The company is expected to report EPS of $0.36, up 376.92% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $756.03 million, up 48.42% from the year-ago period.
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 might also notice recent changes to analyst estimates for Patterson-UTI. These revisions help to show the ever-changing nature of near-term business trends. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.18% lower. Patterson-UTI currently has a Zacks Rank of #5 (Strong Sell).
Investors should also note Patterson-UTI's current valuation metrics, including its Forward P/E ratio of 6.36. This represents a discount compared to its industry's average Forward P/E of 8.03.
Investors should also note that PTEN has a PEG ratio of 0.11 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Drilling industry currently had an average PEG ratio of 0.11 as of yesterday's close.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 178, which puts it in the bottom 30% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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) Gains But Lags Market: What You Should Know
Patterson-UTI (PTEN - Free Report) closed the most recent trading day at $11.71, moving +0.43% from the previous trading session. This change lagged the S&P 500's 1.76% gain on the day. Elsewhere, the Dow gained 1.17%, while the tech-heavy Nasdaq added 3.03%.
Heading into today, shares of the provider of onshore contract drilling services had lost 21.32% over the past month, lagging the Oils-Energy sector's loss of 12.2% and the S&P 500's loss of 5.94% in that time.
Wall Street will be looking for positivity from Patterson-UTI as it approaches its next earnings report date. The company is expected to report EPS of $0.36, up 376.92% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $756.03 million, up 48.42% from the year-ago period.
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 might also notice recent changes to analyst estimates for Patterson-UTI. These revisions help to show the ever-changing nature of near-term business trends. 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. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.18% lower. Patterson-UTI currently has a Zacks Rank of #5 (Strong Sell).
Investors should also note Patterson-UTI's current valuation metrics, including its Forward P/E ratio of 6.36. This represents a discount compared to its industry's average Forward P/E of 8.03.
Investors should also note that PTEN has a PEG ratio of 0.11 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Drilling industry currently had an average PEG ratio of 0.11 as of yesterday's close.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 178, which puts it in the bottom 30% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. 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.