Patterson-UTIPTEN
Market Cap: $3.22B
About: Patterson-UTI Energy is one of the largest land rig drilling contractors in the United States. Its 2023 merger with NexTier greatly expanded its pressure pumping operations, as well, and the firm now controls nearly 20% of the North American market for drilling and completions services. It also provides directional drilling services and tool rental services in most US onshore oil and gas basins.
Employees: 10,600
Fund manager confidence
Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)
31% more repeat investments, than reductions
Existing positions increased: 135 | Existing positions reduced: 103
13% more funds holding in top 10
Funds holding in top 10: 8 [Q1] → 9 (+1) [Q2]
2.34% more ownership
Funds ownership: 96.74% [Q1] → 99.09% (+2.34%) [Q2]
2% less funds holding
Funds holding: 365 [Q1] → 356 (-9) [Q2]
13% less capital invested
Capital invested by funds: $4.71B [Q1] → $4.12B (-$590M) [Q2]
13% less first-time investments, than exits
New positions opened: 60 | Existing positions closed: 69
48% less call options, than puts
Call options by funds: $112M | Put options by funds: $217M
Research analyst outlook
7 Wall Street Analysts provided 1 year price targets over the past 3 months
7 analyst ratings
ATB Capital Waqar Syed 100% 1-year accuracy 1 / 1 met price target | 34%upside $11 | Outperform Maintained | 4 Sept 2024 |
Barclays Derek Podhaizer 38% 1-year accuracy 3 / 8 met price target | 71%upside $14 | Overweight Maintained | 16 Aug 2024 |
RBC Capital Keith Mackey 22% 1-year accuracy 4 / 18 met price target | 71%upside $14 | Outperform Maintained | 26 Jul 2024 |
Stifel Stephen Gengaro 55% 1-year accuracy 22 / 40 met price target | 95%upside $16 | Buy Maintained | 16 Jul 2024 |
B of A Securities Chase Mulvehill 17% 1-year accuracy 3 / 18 met price target | 52%upside $12.50 | Buy Maintained | 15 Jul 2024 |
Financial journalist opinion
Based on 3 articles about PTEN published over the past 30 days