Patterson-UTI (PTEN)

• Market cap: $2.99B
• 1 day: 5.35%
• 5 days: 0.52%
• 1 month: -5.54%
• 3 months: -8.24%
• 6 months: -23.28%
• Year to date: -29.09%
• 1 year: -30.05%
• 5 years: -23.81%
• 10 years: -54.93%
• Sector: Energy
• Industry: Drilling Oil & Gas Wells

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 Q3 regulatory filings by fund managers ($100M+ AUM)

32% more repeat investments, than reductions

Existing positions increased: 149 | Existing positions reduced: 113

5% more first-time investments, than exits

New positions opened: 58 | Existing positions closed: 55

1% more funds holding

Funds holding: 359 [Q2] → 362 (+3) [Q3]

3.35% less ownership

Funds ownership: 100.75% [Q2] → 97.4% (-3.35%) [Q3]

30% less capital invested

Capital invested by funds: $4.19B [Q2] → $2.93B (-$1.26B) [Q3]

78% less funds holding in top 10

Funds holding in top 10: 9 [Q2] → 2 (-7) [Q3]

91% less call options, than puts

Call options by funds: $14.4M | Put options by funds: $154M

Research analyst outlook

6 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $10 30% upside
• Avg. target: $11.33 48% upside
• High target: $14 82% upside

6 analyst ratings

• positive: 6 100%
• neutral: 0 0%
• negative: 0 0%

Citigroup Scott Gruber 41% 1-year accuracy 27 / 66 met price target	30% upside $10	Buy Maintained	31 Oct 2024
RBC Capital Keith Mackey 48% 1-year accuracy 11 / 23 met price target	43% upside $11	Outperform Maintained	25 Oct 2024
Raymond James James Rollyson 27% 1-year accuracy 4 / 15 met price target	43% upside $11	Strong Buy Maintained	25 Oct 2024
Barclays David Anderson 43% 1-year accuracy 34 / 80 met price target	56% upside $12	Overweight Maintained	16 Oct 2024
Stifel Stephen Gengaro 50% 1-year accuracy 41 / 82 met price target	82% upside $14	Buy Maintained	11 Oct 2024