Short Interest in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Drops By 23.2%
by Teresa Graham · The Cerbat GemPatterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) was the recipient of a large drop in short interest during the month of December. As of December 15th, there was short interest totaling 30,820,204 shares, a drop of 23.2% from the November 30th total of 40,135,544 shares. Based on an average daily volume of 7,873,259 shares, the short-interest ratio is currently 3.9 days. Currently, 8.3% of the company’s shares are short sold. Currently, 8.3% of the company’s shares are short sold. Based on an average daily volume of 7,873,259 shares, the short-interest ratio is currently 3.9 days.
Analysts Set New Price Targets
Several brokerages have issued reports on PTEN. Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research note on Wednesday, September 3rd. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday. JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Finally, Tudor Pickering cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $7.28.
Check Out Our Latest Analysis on Patterson-UTI Energy
Insider Activity at Patterson-UTI Energy
In related news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the transaction, the director owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. This represents a 64.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is currently owned by corporate insiders.
Institutional Trading of Patterson-UTI Energy
A number of institutional investors and hedge funds have recently modified their holdings of PTEN. Dimensional Fund Advisors LP grew its holdings in Patterson-UTI Energy by 1.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 17,000,602 shares of the oil and gas company’s stock worth $88,065,000 after acquiring an additional 304,718 shares during the period. American Century Companies Inc. boosted its position in shares of Patterson-UTI Energy by 7.9% during the third quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock worth $80,804,000 after buying an additional 1,135,704 shares during the period. Sourcerock Group LLC lifted its position in shares of Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. ARGA Investment Management LP increased its position in shares of Patterson-UTI Energy by 3.5% in the second quarter. ARGA Investment Management LP now owns 13,238,092 shares of the oil and gas company’s stock valued at $78,502,000 after acquiring an additional 453,519 shares during the last quarter. Finally, Holocene Advisors LP raised its position in Patterson-UTI Energy by 176.6% during the third quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock worth $47,801,000 after acquiring an additional 5,891,956 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.
Patterson-UTI Energy Price Performance
Patterson-UTI Energy stock traded up $0.15 during trading hours on Tuesday, hitting $6.08. 9,858,817 shares of the company traded hands, compared to its average volume of 10,403,577. The firm’s 50-day simple moving average is $6.05 and its two-hundred day simple moving average is $5.89. The firm has a market cap of $2.31 billion, a P/E ratio of -16.89 and a beta of 0.77. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $9.57. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last announced its earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. The company had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. As a group, analysts forecast that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.
Patterson-UTI Energy Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 5.3%. The ex-dividend date was Monday, December 1st. Patterson-UTI Energy’s payout ratio is -88.89%.
About Patterson-UTI Energy
Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.
Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.