Patterson-UTI Energy, Inc
PTEN
$11.37
+4.31%
Patterson-UTI Energy Inc is a Texas-based provider of drilling and completion services to oil and natural gas exploration and production companies, operating through three segments: Drilling Services, Completion Services, and Drilling Products. As one of the largest land drilling contractors in the United States, the company differentiates itself through its integrated service offerings and advanced drilling technologies. The current investor narrative centers on the company's recovery from a cyclical downturn, with a 77.3% stock price surge over the past year driven by improving oilfield activity and operational efficiencies, though recent quarterly losses and revenue declines have raised questions about the sustainability of the recovery.…
PTEN
Patterson-UTI Energy, Inc
$11.37
PTEN 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Patterson-UTI Energy, Inc's 12-month outlook, with a consensus price target around $13.36 and implied upside of +17.5% versus the current price.
Average Target
$13.36
0 analysts
Implied Upside
+17.5%
vs. current price
Analyst Count
—
covering this stock
Price Range
$8 - $19
Analyst target range
Analyst coverage is robust with 14 analysts, and the consensus recommendation is 'Buy' with a mean rating of 2.13 (where 1 is Strong Buy and 5 is Sell). The average target price is $13.00, implying 24.0% upside from the current price of $10.48, with a low target of $8.00 and a high target of $19.00. The wide range between low and high targets (137.5% spread) indicates significant uncertainty about the company's future, with the low target reflecting potential continued weakness in oilfield activity and the high target assuming a strong recovery in drilling and completion demand. Recent rating actions show a mix of upgrades and neutral stances, with Piper Sandler upgrading to Overweight in July 2026 and Barclays moving to Overweight in May 2026, while Citigroup remains Neutral, suggesting a cautiously optimistic sentiment among analysts.
PTEN Technical Analysis
PTEN is in a strong uptrend over the past year, with the stock price up 77.3% from a year ago, currently trading at $10.48, which is 80.2% of its 52-week range (low of $5.10, high of $13.08). This positioning near the upper end of the range suggests strong momentum, but also potential overextension, especially after a recent pullback from the high. The stock's beta of 0.63 indicates lower volatility than the market, which may appeal to risk-averse investors, but the 33.4% maximum drawdown over the period highlights the cyclicality inherent in energy services.
Beta
0.65
0.65x market volatility
Max Drawdown
-33.4%
Largest decline past year
52-Week Range
$5-$13
Price range past year
Annual Return
+102.7%
Cumulative gain past year
| Period | PTEN Return | S&P 500 |
|---|---|---|
| 1m | +15.5% | +2.9% |
| 3m | -8.5% | +5.0% |
| 6m | +40.4% | +13.9% |
| 1y | +102.7% | +20.4% |
| ytd | +75.7% | +13.8% |
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PTEN Fundamental Analysis
Revenue has been declining, with the most recent quarter (Q1 2026) showing $1.117 billion, a 12.8% year-over-year decrease, and sequential declines from $1.151 billion in Q4 2025 and $1.176 billion in Q3 2025. The revenue trend reflects weaker drilling and completion activity, though the Completion Services segment remains the largest contributor at $679.6 million, followed by Drilling Services at $351.7 million. The company is currently unprofitable, with a net loss of $24.6 million in Q1 2026, though this loss narrowed from $36.4 million in Q3 2025, and gross margin improved to 24.0% in Q1 2026 from 5.0% in Q4 2025, indicating some operational stabilization. The balance sheet appears manageable with a debt-to-equity ratio of 0.40 and a current ratio of 1.64, but free cash flow turned negative at -$52.8 million in Q1 2026, down from $259.0 million in Q4 2025, reflecting increased capital expenditures and working capital outflows, which could pressure liquidity if the downturn persists.
Quarterly Revenue
$1.1B
2026-03
Revenue YoY Growth
-12.8%
YoY Comparison
Gross Margin
24.0%
Latest Quarter
Free Cash Flow
$273110000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is PTEN Overvalued?
Given the negative trailing earnings (EPS of -$0.04), the price-to-sales ratio is the most appropriate valuation metric, currently at 0.49x, which is significantly below the industry average of 1.2x, indicating a potential undervaluation. The forward PE of 96.4x suggests the market expects a sharp earnings recovery, but the PEG ratio of 0.28 implies that growth is priced attractively relative to expected EPS growth. Historically, the PS ratio has ranged from 1.7x to 6.5x over the past few years, and the current 0.49x is near the bottom of that range, suggesting the stock is trading at a deep discount to its own historical valuation, which could be either a value opportunity or a reflection of deteriorating fundamentals.
PE
-25.5x
Latest Quarter
vs. Historical
Low-End
5-Year PE Range 6x~91x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
3.5x
Enterprise Value Multiple