We recently published a list of Traders Heavily Sold Down These 10 Stocks on Thursday. In this article, we are going to take a look at where Patterson-UTI Energy Inc. (NASDAQ:PTEN) stands against other stocks that traders heavily sold down on Thursday.
The stock market wiped away earlier gains, ending Thursday’s trading in another bloodbath session, as investors sold off positions amid President Donald Trump’s announcement that he had actually raised tariffs on Chinese goods to 145 percent.
The Nasdaq was battered the most among all major indices, losing 4.31 percent. The S&P 500 followed with a 3.46-percent drop while the Dow Jones came in last, down 2.50 percent.
Meanwhile, 10 companies were heavily sold down on Thursday, recording double-digit losses as investors parked funds to minimize risks from the ongoing uncertainties. In this article, we have listed Thursday’s 10 worst performers and detailed the reasons behind their drop.
To come up with the list, we considered only the stocks with a $2 billion market capitalization and $5 million trading volume.
A drilling site in the wilds of nature, highlighting the company’s commitment to exploration.
Patterson-UTI saw its share prices drop by 14.79 percent on Thursday to end at $5.59 apiece, in line with the drop in crude oil prices and expectations that the heightening trade war could dampen energy demand.
PTEN is one of the leading oilfield services companies that provides drilling, pressure pumping, and rental equipment, among others, to oil and gas producers.
In recent news, PTEN said it has maintained an average of 106 rigs actively earning revenues under contract in the US.
In its latest earnings release, Patterson-UTI Energy, Inc. (NASDAQ:PTEN) swung to a $51.58 million net loss attributable to shareholders in the last quarter of 2024, a reversal from the $61.95 million net income in the same period a year earlier.
It also dived to a net loss of $968 million last year from a $246.3-million net income in 2023.
Overall, PTEN ranks 3rd on our list of stocks that traders heavily sold down on Thursday. While we acknowledge the potential of PTEN as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than PTEN but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock.
