Stifel analysts initates a Buy rating for Patterson-UTI Energy Inc. (PTEN)


In a filing, Patterson-UTI Energy Inc. revealed its Director STEWART JAMES CARL unloaded Company’s shares for reported $0.99 million on Sep 14. In the deal valued at $15.90 per share,62,500 shares were sold. As a result of this transaction, STEWART JAMES CARL now holds 1,277,254 shares worth roughly $ 19.89 million.

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Then, Wexler Seth David sold 37,500 shares, generating $599,250 in total proceeds. Upon selling the shares at $15.98, the SVP/General Counsel/Secretary now owns 340,418 shares.

Before that, Holcomb James Michael sold 11,816 shares. Patterson-UTI Energy Inc. shares valued at $188,465 were divested by the Chief Business Officer at a price of $15.95 per share. As a result of the transaction, Holcomb James Michael now holds 376,109 shares, worth roughly $5.86 million.

Stifel initiated its Patterson-UTI Energy Inc. [PTEN] rating to a Buy in a research note published on Monday, September 05, 2023; the price target was $19. PT values the company’s stock at a premium of 18.05 to its Monday closing price.

Price Performance Review of PTEN

On Monday, Patterson-UTI Energy Inc. [NASDAQ:PTEN] saw its stock fall -0.06% to $15.57. On the same session, the stock had its day’s lowest price of $15.295, but rose to a high of $15.97. Over the last five days, the stock has gained 3.39%. Patterson-UTI Energy Inc. shares have fallen nearly -7.54% since the year began. Nevertheless, the stocks have risen 6.13% over the past one year. While a 52-week high of $19.81 was reached on 01/12/23, a 52-week low of $9.70 was recorded on 05/31/23. SMA at 50 days reached $14.81, while 200 days put it at $13.80. A total of 5.97 million shares were traded, compared to the trading of 5.54 million shares in the previous session.

Levels Of Support And Resistance For PTEN Stock

The 24-hour chart illustrates a support level at 15.25, which if violated will result in even more drops to 14.94. On the upside, there is a resistance level at 15.93. A further resistance level may holdings at 16.29. The Relative Strength Index (RSI) on the 14-day chart is 61.99, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.69, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 25.58%. Stochastics %K at 77.94% indicates the stock is a holding.

How much short interest is there in Patterson-UTI Energy Inc.?

A steep rise in short interest was recorded in Patterson-UTI Energy Inc. stocks on Aug 30, 2023, growing by 6.98 million shares to a total of 18.4 million shares. Yahoo Finance data shows the prior-month short interest on Jul 30, 2023 was 11.42 million shares. There was a rise of 37.93%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 10.66% of the overall stock float, the days-to-cover ratio (short ratio) rose to 5.12.

Patterson-UTI Energy Inc. [PTEN] – Who Are The Largest Shareholders?

In filings from BlackRock Fund Advisors, it is revealed that the company now owns 32,320,817 shares, or roughly 13.31% of the outstanding PTEN shares. In other words, the investor’s shares have fallen by -1,236,155 from its previous 13-F filing of 33556972.0. Additionally, The Vanguard Group, Inc. decreased -5.36% of its stake after which the total value it holdings stand at $343,236,453, while Macquarie Investment Management B reduced -0.45% of its stake to hold $192.86 million in the firm. Over the last quarter, Dimensional Fund Advisors LP purchased 221,938 shares of Patterson-UTI Energy Inc., while SSgA Funds Management, Inc. bought -507,043 shares. At present, Allspring Global Investments LLC is holding 6,768,906 shares valued at $95.71 million. Anomaly Capital Management LP owned 6,011,863 shares of the company at the time of its most recent 13F filing, worth $85.01 million.

According to FactSet, Patterson-UTI Energy Inc.’s share price will average $18.15 in the next year, based on opinions of analysts polled by the firm. This is up nearly 18.74 percent from its previous closing price of $15.58. Analysts expect Patterson-UTI Energy Inc. stock to reach the higher price of $23.00, while the lowest price estimate is $14.00. However, 19 analysts have rated PTEN stock as an Overweight in their predictions for 2023.


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