Is It Right Time to Be Bullish on Patterson-UTI Energy Inc. (NASDAQ:PTEN), Commercial Metals Company (NYSE:CMC)?

The shares of Patterson-UTI Energy Inc. (NASDAQ:PTEN) has been pegged with a rating of Underperform by Bernstein in its latest research note that was published on January 14, 2020. Bernstein wasn’t the only research firm that published a report of Patterson-UTI Energy Inc., with other equities research analysts also giving their opinion on the stock. JP Morgan advised investors in its research note published on December 13, 2019, to Underweight the PTEN stock while also putting a $6 price target. The stock had earned Underperform rating from Credit Suisse Markets when it published its report on December 03, 2019. BofA/Merrill was of a view that PTEN is Neutral in its latest report on October 08, 2019. Citigroup thinks that PTEN is worth Neutral rating. This was contained in the firm’s report on September 30, 2019 in which the stock’s price target was also moved to 9.50.

The price of the stock the last time has raised by 30.70% from its 52-Week high price while it is -38.38% than its 52-Week low price. A look at the stock’s other technical shows that its 14-day RSI now stands at 49.39.

The shares of the company dipped by -1.13% during the trading session on Wednesday, reaching a low of $9.945 while ending the day at $10.02. During the trading session, a total of 3.26 million shares were traded which represents a 14.8% incline from the average session volume which is 3.83 million shares. PTEN had ended its last session trading at $10.14. Patterson-UTI Energy Inc. debt-to-equity ratio currently stands at 0.33, while its quick ratio hovers at 1.50 PTEN 52-week low price stands at $7.67 while its 52-week high price is $16.27.

The company in its last quarterly report recorded -$0.27 earnings per share which is above the predicted by most analysts. The Patterson-UTI Energy Inc. generated 164.83 million in revenue during the last quarter. In the second quarter last year, the firm recorded -$0.17 earnings per share. Compared to the same quarter last year, the firm’s revenue was up by 85.19%. Patterson-UTI Energy Inc. has the potential to record -0.99 EPS for the current fiscal year, according to equities analysts.

Investment analysts at Deutsche Bank published a research note on November 26, 2019 where it informed investors and clients that Commercial Metals Company (NYSE:CMC) is now rated as Buy. BMO Capital Markets also rated CMC as Initiated on November 26, 2019, with its price target of $23 suggesting that CMC could surge by 6.76% from its current share price. Even though the stock has been trading at $22.22/share, analysts expect it to down by -0.14% to reach $23.80/share. It started the day trading at $22.29 and traded between $21.92 and $22.19 throughout the trading session.

A look at its technical shows that CMC’s 50-day SMA is 21.52 while its 200-day SMA stands at 18.14. The stock has a high of $24.04 for the year while the low is $13.27. The stock, however, witnessed a rise in its short on 12/31/19. Compared to previous close which recorded 7.35 M shorted shares, the short percentage went higher by 1.49%, as 7.46M PTEN shares were shorted. At the moment, only 6.27% of Commercial Metals Company shares were sold short. The company’s P/E ratio currently sits at 9.85, while the P/B ratio is 1.54. The company’s average trading volume currently stands at 1.73M shares, which means that the short-interest ratio is just 4.26 days. Over the past seven days, the company moved, with its shift of -4.23%. Looking further, the stock has raised 14.15% over the past 90 days while it gained 23.48% over the last six months.

The change in the stock’s fortunes has led to several institutional investors altering their holdings of the stock. The BlackRock Fund Advisors bought more CMC shares, increasing its portfolio by 1.58% during the last quarter. This move now sees The BlackRock Fund Advisors purchasing 194,667 shares in the last quarter, thus it now holds 12,521,899 shares of CMC, with a total valuation of $278,862,691. The Vanguard Group, Inc. meanwhile sold more CMC shares in the recently filed quarter, changing its stake to $253,405,809 worth of shares.

Similarly, Dimensional Fund Advisors LP increased its Commercial Metals Company shares by 0.01% during the recently filed quarter. After buying 9,908,969 shares in the last quarter, the firm now controls 547 shares of Commercial Metals Company which are valued at $220,672,740. In the same vein, Citadel Advisors LLC increased its Commercial Metals Company shares by during the most recent reported quarter. The firm bought 321,362 shares during the quarter which increased its stakes to 5,222,247 shares and is now valued at $116,299,441. Following these latest developments, around 1.00% of Commercial Metals Company stocks are owned by institutional investors and hedge funds.