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Patterson-UTI (PTEN) Outpaces Stock Market Gains: What You Should Know
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Patterson-UTI (PTEN - Free Report) closed at $10.83 in the latest trading session, marking a +1.21% move from the prior day. This move outpaced the S&P 500's daily gain of 0.56%. Meanwhile, the Dow gained 0.41%, and the Nasdaq, a tech-heavy index, added 1.35%.
Prior to today's trading, shares of the provider of onshore contract drilling services had lost 18.88% over the past month. This has lagged the Oils-Energy sector's loss of 8% and the S&P 500's loss of 1.48% in that time.
Patterson-UTI will be looking to display strength as it nears its next earnings release. On that day, Patterson-UTI is projected to report earnings of $0.36 per share, which would represent year-over-year growth of 376.92%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales 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 should also note any recent changes to analyst estimates for Patterson-UTI. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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 0.18% lower. Patterson-UTI currently has a Zacks Rank of #4 (Sell).
Valuation is also important, so investors should note that Patterson-UTI has a Forward P/E ratio of 5.84 right now. Its industry sports an average Forward P/E of 7.61, so we one might conclude that Patterson-UTI is trading at a discount comparatively.
We can also see that PTEN currently has a PEG ratio of 0.1. 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 0.1 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 95, putting it in the top 38% 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) Outpaces Stock Market Gains: What You Should Know
Patterson-UTI (PTEN - Free Report) closed at $10.83 in the latest trading session, marking a +1.21% move from the prior day. This move outpaced the S&P 500's daily gain of 0.56%. Meanwhile, the Dow gained 0.41%, and the Nasdaq, a tech-heavy index, added 1.35%.
Prior to today's trading, shares of the provider of onshore contract drilling services had lost 18.88% over the past month. This has lagged the Oils-Energy sector's loss of 8% and the S&P 500's loss of 1.48% in that time.
Patterson-UTI will be looking to display strength as it nears its next earnings release. On that day, Patterson-UTI is projected to report earnings of $0.36 per share, which would represent year-over-year growth of 376.92%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales 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 should also note any recent changes to analyst estimates for Patterson-UTI. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
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 0.18% lower. Patterson-UTI currently has a Zacks Rank of #4 (Sell).
Valuation is also important, so investors should note that Patterson-UTI has a Forward P/E ratio of 5.84 right now. Its industry sports an average Forward P/E of 7.61, so we one might conclude that Patterson-UTI is trading at a discount comparatively.
We can also see that PTEN currently has a PEG ratio of 0.1. 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 0.1 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 95, putting it in the top 38% 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.