Patterson-UTI Energy Target of Unusually Large Options Trading (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of some unusual options trading on Monday. Stock traders purchased 4,884 call options on the company. This is an increase of approximately 138% compared to the average volume of 2,054 call options.

Analyst Ratings Changes

Several research firms have issued reports on PTEN. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 target price on the stock in a research report on Friday, July 31st. Citigroup reduced their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a report on Monday, June 29th. Zacks Research upgraded Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 29th. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Finally, Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus price target of $12.95.

Insider Transactions at Patterson-UTI Energy

In related news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at $682,672.42. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the completion of the sale, the chief executive officer directly owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. The trade was a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 363,670 shares of company stock worth $4,212,677 over the last 90 days. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of the company. Quarry LP boosted its position in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Patterson-UTI Energy in the 2nd quarter valued at about $32,000. First Horizon Corp increased its holdings in Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 4,299 shares in the last quarter. Finally, Torren Management LLC acquired a new position in Patterson-UTI Energy during the fourth quarter worth about $44,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

PTEN traded up $0.27 on Monday, hitting $11.63. 1,303,777 shares of the company were exchanged, compared to its average volume of 10,056,631. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The firm has a market capitalization of $4.44 billion, a P/E ratio of -50.77 and a beta of 0.63. The business’s fifty day moving average is $10.08 and its 200 day moving average is $10.18.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.4%. Patterson-UTI Energy’s payout ratio is -173.91%.

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.