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Where Patterson-UTI Stands before the 2Q17 News

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Part 6
Where Patterson-UTI Stands before the 2Q17 News PART 6 OF 7

Inside PTEN’s Correlation Coefficient with Crude as of July 14

PTEN and crude

The correlation coefficient between the price of crude oil and Patterson-UTI Energy’s (PTEN) stock price from July 14, 2016, to July 14, 2017, is 0.65. This indicates a vigorous positive relationship between crude oil prices and PTEN stock.

By comparison, the correlation coefficient between crude oil and the VanEck Vectors Oil Services ETF (OIH) since July 14, 2016, is 0.73.

Inside PTEN&#8217;s Correlation Coefficient with Crude as of July 14

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How PTEN’s correlation with crude oil prices has changed

PTEN’s correlation with crude oil prices has been higher in the trailing year as of July 14, 2017, than it was in the previous year until July 14, 2016. Meanwhile, the price of crude oil is now nearly at the same level it was at this time last year.

A high correlation may turn out to be a negative driver for PTEN’s stock price, as crude oil prices have been exhibiting some weakness for the near future. OIH’s correlation with crude oil has also been higher in the trailing year up to July 10, 2017, than it was in the previous year up to the same date.

Correlation between PTEN’s peers and the price of crude oil

Oceaneering International’s (OII) correlation coefficient since July 2016 is 0.60, while Core Laboratories’ (CLB) correlation coefficient since July 2016 is 0.53. Helmerich & Payne’s (HP) correlation coefficient during the same period is 0.58. PTEN’s correlation with DJIA-INDEX from July 14, 2016, to July 14, 2017, was 0.31.

The correlation coefficient between crude oil prices and the stock prices of HP and CLB has fallen in the trailing year as of July 2017, compared with the year before that. Investors should note that crude oil prices dropped 10% between July 14, 2015, and July 14, 2016. During that same period, PTEN’s stock price rose 28%.

Next, we’ll discuss the Wall Street analysts’ recommendations for PTEN.

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