Patterson-UTI Energy, Inc. (PTEN) Short Interest Update
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 17,235,056 shares, a growth of 21.1% from the August 15th total of 14,230,435 shares. Approximately 8.2% of the company’s stock are short sold. Based on an average daily volume of 3,897,773 shares, the short-interest ratio is currently 4.4 days.
Patterson-UTI Energy (NASDAQ:PTEN) opened at 18.66 on Friday. The company has a 50-day moving average of $17.11 and a 200-day moving average of $21.04. The stock’s market capitalization is $3.95 billion. Patterson-UTI Energy has a 1-year low of $14.83 and a 1-year high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative net margin of 23.78% and a negative return on equity of 10.03%. The business had revenue of $579.00 million for the quarter, compared to the consensus estimate of $556.47 million. During the same period last year, the firm earned ($0.58) earnings per share. The company’s quarterly revenue was up 198.5% on a year-over-year basis. Analysts anticipate that Patterson-UTI Energy will post ($0.92) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be given a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, September 6th. This represents a $0.08 annualized dividend and a yield of 0.43%. Patterson-UTI Energy’s payout ratio is presently -4.06%.
A number of equities analysts have issued reports on PTEN shares. Wolfe Research downgraded Patterson-UTI Energy from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 6th. Evercore ISI reiterated an “outperform” rating and set a $35.00 price target on shares of Patterson-UTI Energy in a research note on Tuesday, June 6th. Jefferies Group LLC set a $32.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Tuesday, June 6th. BidaskClub raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, Seaport Global Securities cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $29.00 to $21.00 in a research report on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $27.36.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Thrivent Financial For Lutherans raised its position in Patterson-UTI Energy by 3.0% in the first quarter. Thrivent Financial For Lutherans now owns 1,570,180 shares of the oil and gas company’s stock worth $38,108,000 after acquiring an additional 46,250 shares during the period. Airain ltd bought a new position in Patterson-UTI Energy in the first quarter worth approximately $966,000. State Street Corp raised its position in Patterson-UTI Energy by 10.1% in the first quarter. State Street Corp now owns 4,560,587 shares of the oil and gas company’s stock worth $110,685,000 after acquiring an additional 418,702 shares during the period. Bank of New York Mellon Corp raised its position in Patterson-UTI Energy by 59.9% in the second quarter. Bank of New York Mellon Corp now owns 3,280,292 shares of the oil and gas company’s stock worth $66,229,000 after acquiring an additional 1,228,607 shares during the period. Finally, Virginia Retirement Systems ET AL raised its position in Patterson-UTI Energy by 14.6% in the second quarter. Virginia Retirement Systems ET AL now owns 166,417 shares of the oil and gas company’s stock worth $3,360,000 after acquiring an additional 21,200 shares during the period. Institutional investors and hedge funds own 98.57% of the company’s stock.
Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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