Investors interested in Oils-Energy stocks should always be looking to find the best-performing companies in the group. Is Patterson-UTI (PTEN) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Patterson-UTI is a member of our Oils-Energy group, which includes 238 different companies and currently sits at #3 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.
The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Patterson-UTI is currently sporting a Zacks Rank of #2 (Buy).
The Zacks Consensus Estimate for PTEN's full-year earnings has moved 51.7% higher within the past quarter. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.
Based on the latest available data, PTEN has gained about 88.7% so far this year. Meanwhile, the Oils-Energy sector has returned an average of 26.1% on a year-to-date basis. This means that Patterson-UTI is performing better than its sector in terms of year-to-date returns.
Another stock in the Oils-Energy sector, Ring Energy (REI), has outperformed the sector so far this year. The stock's year-to-date return is 51.7%.
In Ring Energy's case, the consensus EPS estimate for the current year increased 410% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
To break things down more, Patterson-UTI belongs to the Oil and Gas - Drilling industry, a group that includes 8 individual companies and currently sits at #73 in the Zacks Industry Rank. On average, stocks in this group have gained 58.2% this year, meaning that PTEN is performing better in terms of year-to-date returns.
In contrast, Ring Energy falls under the Oil and Gas - Exploration and Production - United States industry. Currently, this industry has 34 stocks and is ranked #95. Since the beginning of the year, the industry has moved +23.5%.
Investors interested in the Oils-Energy sector may want to keep a close eye on Patterson-UTI and Ring Energy as they attempt to continue their solid performance.
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Patterson-UTI Energy, Inc. (PTEN): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).