Stock Rating Upgrade
Reflecting improving fundamentals and high Appreciation Potential, the Value Trend Rating for Patterson-UTI Energy Inc (NASDAQ: PTEN) rose significantly recently. PTEN’s current Value Trend Rating is C and the prior Rating was F. Details supporting this higher rating are included in our next report.
Recent Price Action
Patterson-UTI Energy Inc (NASDAQ: PTEN) stock closed at $11.65 on 3/18/24 after a modest gain of 1.0%. However, this advance was accompanied by unusually low trading volume at 61% of normal. The stock has declined -3.0% during the last week and has been weak relative to the market over the last nine months.
Current PriceTarget Research Rating
With future capital returns forecasted to be above the cost of capital, PTEN is expected to continue to be a Value Builder.
Patterson-UTI Energy has a current Value Trend Rating of C (Low Neutral). This VT Rating rose significantly in recent days from F previously. With this rating, PTR’s two proprietary measures of a stock’s current attractiveness are providing very contradictory signals. Patterson-UTI Energy has a good Appreciation Score of 80 but a very low Power Rating of 15, producing the Low Neutral Value Trend Rating.
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