PTEN vs PUMP: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: PUMP is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. PTEN and PUMP share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined PTEN and PUMP exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Patterson-UTI Energy provides drilling and completion services to oil and gas producers, primarily across US onshore basins like the Permian. Its business runs in three segments: Drilling Services (a fleet of high-specification land rigs, averaging roughly 92 US rigs working in early 2026 and 103 in September 2026), Completion Services (hydraulic fracturing and related well-completion work, the largest revenue contributor), and Drilling Products (drill bits and downhole tools through its Ulterra and NexTier-era operations, with some Middle East exposure). The company was reshaped by its 2023 mergers with NexTier and Ulterra, which broadened it from a pure rig contractor into a more diversified services firm.

Full PTEN guide

ProPetro Holding Corp. (NYSE: PUMP) provides completion services to oil and gas producers, almost entirely in the Permian Basin of West Texas and New Mexico. Its largest segment is hydraulic fracturing, which brought in ~$207M of the ~$306M total revenue in the second quarter of 2026, followed by wireline (~$58M) and cementing (~$32M). The frac business is paid per stage completed, so revenue rises and falls with how many fleets are working and what customers pay for them. ProPetro has spent several years converting its fleet toward natural gas burning equipment, including five leased FORCE electric fleets and Tier IV dual-fuel units, which cost customers less to fuel than diesel. Its fourth segment, Power Generation, operates as PROPWR: the company buys natural gas generator sets, largely from Caterpillar, and sells behind-the-meter electricity under multi-year contracts.

Full PUMP guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• PTEN drivers: US onshore activity rebound; Diversification beyond drilling rigs.
• PUMP drivers: PROPWR contracts and deployment; Data center demand.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: PTEN is highly cyclical and its results move with oil and gas prices, producer budgets, and rig and frac-spread counts, none of which it controls. For PUMP, the completions business is exposed to oil prices, E&P budgets and Permian activity, and ProPetro has said it does not expect its XTO frac agreement, which covers two committed FORCE electric fleets, to be renewed when it expires in late 2026.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick PTEN if you believe its drivers more; PUMP if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the PTEN and PUMP guides.

PTEN. As of October 2026, PTEN trades at about 6.5x EV/EBITDA, up from roughly 4.7x in April as the share price climbed about 76% year to date ahead of a recovery in drilling activity. GAAP earnings are still negative, so the forward P/E of about 32x rests on 2027 consensus EPS of only about $0.33. The company held about $201 million of cash against roughly $1.29 billion of debt; Q3 results on October 28, 2026 (consensus about $0.03 per share on $1.31 billion of revenue) will test whether the rebound is reaching profit.

PUMP. ProPetro is loss-making on a GAAP basis, so trailing P/E is not meaningful, and the stock trades near book value (~0.99 times). Investors tend to value the completions business on EBITDA and free cash flow and then add a view of what PROPWR could earn once its contracted megawatts are deployed, which is far ahead of today's ~$9M quarterly power revenue. Analyst targets set in September and October 2026 sit between ~$12 and ~$17.50, below the August range, with a mean of ~$16 across ~13 analysts. Third-quarter 2026 results are scheduled for October 28, 2026.

Headline figures (approximate, October 2026): PTEN shows revenue (ttm) ~$4.67B, q2 2026 revenue ~$1.23B (up from ~$1.12B in Q1), q2 2026 net loss ~$20M (~$(0.05)/sh vs ~$(0.03) consensus), net income (ttm) ~-$90M; PUMP shows revenue (ttm) ~$1.16B (Q2 2026 ~$306M, up ~13% vs Q1, down ~6% vs Q2 2025), adjusted ebitda (q2 2026) ~$45M (~15% margin), up ~23% vs Q1, net income Q2 2026 ~-$8M (~-$0.07 per share); TTM ~-$13M, market cap ~$949M (~$7.73 per share, October 16, 2026 close; ~123M shares).

PTEN and PUMP are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined PTEN and PUMP exposure against your real portfolio. It is not an investment adviser.