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Patterson-UTI Energy Has Risen 87% in 1 Year

Alex Chamberlin - Author
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Nov. 20 2020, Updated 12:08 p.m. ET

Patterson-UTI Energy has risen significantly

In the past year, Patterson-UTI Energy (PTEN) stock has risen 87% as of February 17, 2017. It’s outperformed the VanEck Vectors Oil Services ETF (OIH), which has generated a return of ~35% in the same period.

The Energy Select Sector SPDR ETF (XLE), the broader energy industry ETF, has produced a return of 25%. Patterson-UTI Energy has also outperformed the SPDR S&P 500 ETF (SPY), which has returned 22% during the same period.

In the past year, West Texas Intermediate (or WTI) crude oil’s price has recovered 74%. The rise in crude oil partially explains OIH’s rise. Read the latest about what’s happening in the crude oil market in Record US Crude Oil Inventories versus OPEC’s Supply Cuts.

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What’s the progress on the Seventy Seven Energy acquisition?

The OFS (oilfield equipment and services) industry has seen a number of mergers and acquisitions in the past few months. In January 2017, PTEN filed an initial form S-4 registration statement with the U.S. Securities and Exchange Commission regarding its bid to acquire Seventy Seven Energy (SVNT).

On December 12, 2016, PTEN disclosed that it had agreed to acquire Seventy Seven Energy, a contract drilling, pressure pumping, and oilfield rental services provider. Read Oilfield Services Deal: PTEN Will Acquire Seventy Seven Energy for more information. You can also read about FMC Technologies’ merger with Technip to form TechnipFMC (FTI) in FMC Technologies and Technip to Form Energy Services Giant.

Series highlights

In this series, we’ll look at PTEN’s correlation with crude oil, its short interest, and analyst recommendations. We’ll start with its short interest.

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