Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Sees Significant Decrease in Short Interest

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of a significant drop in short interest in 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 trading volume of 7,873,259 shares, the days-to-cover ratio is presently 3.9 days. Currently, 8.3% of the shares of the company are sold short. Currently, 8.3% of the shares of the company are sold short. Based on an average trading volume of 7,873,259 shares, the days-to-cover ratio is presently 3.9 days.

Patterson-UTI Energy Stock Performance

Shares of PTEN traded up $0.15 during trading hours on Tuesday, hitting $6.08. The company’s stock had a trading volume of 9,858,817 shares, compared to its average volume of 10,403,577. The business has a 50 day simple moving average of $6.05 and a two-hundred day simple moving average of $5.89. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $9.57. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The company has a market cap of $2.31 billion, a price-to-earnings ratio of -16.89 and a beta of 0.77.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. The business had revenue of $191.70 million for the quarter. On average, equities analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date of this dividend was Monday, December 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -88.89%.

Insiders Place Their Bets

In related news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the transaction, the director owned 207,000 shares of the company’s stock, valued at $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

A number of institutional investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its stake in shares of Patterson-UTI Energy by 11.9% in the 2nd quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company’s stock worth $90,000 after purchasing an additional 1,615 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Patterson-UTI Energy by 0.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after purchasing an additional 1,915 shares during the last quarter. Somerset Trust Co lifted its stake in Patterson-UTI Energy by 8.0% in the second quarter. Somerset Trust Co now owns 30,620 shares of the oil and gas company’s stock worth $182,000 after purchasing an additional 2,275 shares during the last quarter. Brucke Financial Inc. boosted its stake in shares of Patterson-UTI Energy by 14.4% during the second quarter. Brucke Financial Inc. now owns 19,175 shares of the oil and gas company’s stock valued at $114,000 after purchasing an additional 2,417 shares during the period. Finally, Yousif Capital Management LLC grew its stake in Patterson-UTI Energy by 1.8% in the second quarter. Yousif Capital Management LLC now owns 139,341 shares of the oil and gas company’s stock worth $826,000 after purchasing an additional 2,492 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on PTEN. Tudor Pickering lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Barclays reiterated an “equal weight” rating and issued a $6.00 price objective (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Susquehanna reduced their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a report on Wednesday, September 3rd. Finally, Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Hold” and a consensus price target of $7.28.

Patterson-UTI Energy Company Profile

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.