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Patterson-UTI Energy: Reviewing Its Outlook and Analysts’ Call

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Part 6
Patterson-UTI Energy: Reviewing Its Outlook and Analysts’ Call PART 6 OF 6

Analysts’ Target for Patterson-UTI Energy on August 21

Analysts’ target for Patterson-UTI Energy

In this part of the series, we’ll discuss Wall Street analysts’ forecast for Patterson-UTI Energy’s (PTEN) shares on August 21, 2017.

Analysts&#8217; Target for Patterson-UTI Energy on August 21

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Analysts’ rating for Patterson-UTI Energy

On August 21, 2017, ~59% of the Wall Street analysts tracking Patterson-UTI Energy rated it as a “buy” or some equivalent, ~37% rated the company as a “hold,” and only 4% of the sell-side analysts recommended a “sell” or some equivalent.

In comparison, ~17% of the sell-side analysts tracking Helmerich & Payne (HP) rated it as a “buy” or some equivalent on August 21, 2017. Approximately 45% of the analysts rated the company as a “hold,” while 38% rated it as a “sell” or some equivalent.

Analysts’ rating changes 

On May 22–August 21, 2017, the percentage of analysts recommending a “buy” or some equivalent for Patterson-UTI Energy fell from 63% to 59%. Analysts’ “hold” recommendations increased for Patterson-UTI Energy during this period. A year ago, ~50% of the sell-side analysts recommended a “buy” for Patterson-UTI Energy. Patterson-UTI Energy accounts for 0.03% of the iShares Russell 1000 Value ETF (IWD). On May 22–August 21, IWD remained unchanged, while Patterson-UTI Energy’s stock price fell 32%.

Analysts’ target prices

On August 21, analysts’ mean target price for Patterson-UTI Energy was ~$25.4. Currently, Patterson-UTI Energy is trading at ~$15.4, which implies ~65% upside at its current consensus mean price. A month ago, analysts’ average target price for Patterson-UTI Energy was $26.4.

Target prices for Patterson-UTI Energy’s peers

The mean target price, surveyed among the sell-side analysts, for NCS Multistage Holdings (NCSM) was $29.9 on August 21, 2017. Currently, NCS Multistage Holdings is trading at ~$19.4, which implies 54% upside at its average target price. The mean target price, surveyed among the sell-side analysts, for Basic Energy Services (BAS) was ~$31.9 on August 21. Currently, Basic Energy Services is trading at ~$15.2, which implies 111% upside potential at its average target price.

To learn more about the OFS industry, read The Oilfield Equipment and Services Industry: A Primer.

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