PTEN Stock Summary and Trading Ideas (Patterson-Uti Energy | NASDAQ:PTEN)

Patterson-UTI Energy is one of the largest land rig drilling contractors in the United States and maintains moderately sized pressure pumping operations primarily in Texas and the Appalachian region, plus some modest operations in Colombia. It also provides directional drilling services and tool rental services in most U.S. onshore oil and gas basins.

Patterson-Uti Energy trades on the NASDAQ stock market under the symbol PTEN.

As of April 16, 2024, PTEN stock price declined to $11.33 with 4,898,925 million shares trading.

PTEN has a beta of 0.64, meaning it tends to be less sensitive to market movements. PTEN has a correlation of 0.04 to the broad based SPY ETF.

PTEN has a market cap of $4.57 billion. This is considered a Mid Cap stock.

Last quarter Patterson-Uti Energy reported $2 billion in Revenue and $.19 earnings per share. This beat revenue expectation by $74 million and met earnings estimates .

In the last 3 years, PTEN stock traded as high as $20.53 and as low as $6.07.

The top ETF exchange traded funds that PTEN belongs to (by Net Assets): IJR, VTI, VB, IWM, OIH.

PTEN has underperformed the market in the last year with a price return of -3.2% while the SPY ETF gained +23.7%. However, in the short term, PTEN had mixed performance relative to the market. It has outperformed in the last 3 months, returning +11.0% vs +6.0% return in SPY. But in the last 2 weeks, PTEN shares have been beat by the market, returning -3.6% compared to an SPY return of -3.6%.

PTEN support price is $11.23 and resistance is $11.75 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that PTEN stock will trade within this expected range on the day.