PATTERSON UTI ENERGY INC
In the published model solve dated 2026-Q2, anchored at $9.56, PATTERSON UTI ENERGY INC (PTEN) is priced for -2.7% growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
- This is a deeply cyclical oilfield services company at a trough, so the trailing loss is not the signal. On mid-cycle margins the price is about 8 times normalized operating income and implies operating income shrinking, a very low bar. - The reverse-DCF fair band centers above $22 against a price near $10, because the static frames anchor to depressed trough earnings while the normalized solve uses the company's through-cycle margins. - The risk is the cycle itself. Activity is driven by cust
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396 institutional managers reported holding PTEN in 13F filings for the quarter ended 2026-03-31. 81 opened new positions that quarter. Held by BlackRock, Vanguard Group, Dimensional Fund Advisors, among others. On the short side, 21.1M shares were sold short as of the 2026-06-15 count, about 6% of shares outstanding (2.4 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
PTEN's share count grew 101.5% over the past five years even with $651.23M spent on repurchases. It pays a dividend, and has paid one every year in our records (18 and counting); the current rate is $0.32 a share annually. Cash returned over the past three years: $353.73M in dividends and $467.07M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at PTEN over the trailing three years: 2025: 1 buy totaling $197k. 17 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
PTEN's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-02 | -1.9% | -20.6% |
| 2023-11-10 | +3.0% | -15.7% |
| 2024-02-28 | +16.6% | -9.6% |
| 2024-05-07 | +1.7% | -11.1% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
PTEN's latest 8-K filings: 2026-07-30 (items 2.02, 8.01, 9.01); 2026-06-04 (items 5.02, 5.07, 8.01, 9.01); 2026-05-26 (items 7.01, 9.01); 2026-05-19 (items 1.01, 2.03, 9.01); 2026-05-06 (items 8.01, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.