Patterson-UTIPTEN
Market Cap: 4.19B
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 Q1 SEC filings by fund managers ($100M+ AUM)
33% more funds holding in top 10
Funds holding in top 10: 6 [Q4 2023] → 8 (+2) [Q1 2024]
11% more first-time investments, than exits
New positions opened: 70 | Existing positions closed: 63
8% more capital invested
Capital invested by funds: $4.26B [Q4 2023] → $4.58B (+$320M) [Q1 2024]
2% more funds holding
Funds holding: 353 [Q4 2023] → 360 (+7) [Q1 2024]
0.4% less ownership
Funds ownership: 94.53% [Q4 2023] → 94.13% (-0.4%) [Q1 2024]
2% less repeat investments, than reductions
Existing positions increased: 124 | Existing positions reduced: 127
93% less call options, than puts
Call options by funds: $16.3M | Put options by funds: $236M
Research analyst outlook
13 Wall Street Analysts provided 1 year price forecasts over the past 6 months
13 analyst ratings
RBC Capital Keith Mackey | 34%upside $14 | Outperform Maintained | 26 Jul 2024 |
Stifel Stephen Gengaro | 53%upside $16 | Buy Maintained | 16 Jul 2024 |
B of A Securities Chase Mulvehill | 20%upside $12.5 | Buy Maintained | 15 Jul 2024 |
Piper Sandler Luke Lemoine | 15%upside $12 | Overweight Maintained | 15 Jul 2024 |
Susquehanna Charles Minervino | 25%upside $13 | Positive Maintained | 11 Jul 2024 |
Financial journalist opinion
Based on 6 articles about PTEN published over the past 30 days