Short Interest in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Grows By 20.0%

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the recipient of a significant growth in short interest in February. As of February 13th, there was short interest totaling 31,502,882 shares, a growth of 20.0% from the January 29th total of 26,256,092 shares. Based on an average daily trading volume, of 11,926,300 shares, the days-to-cover ratio is presently 2.6 days. Currently, 8.5% of the company’s stock are sold short. Currently, 8.5% of the company’s stock are sold short. Based on an average daily trading volume, of 11,926,300 shares, the days-to-cover ratio is presently 2.6 days.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $8.83 on Wednesday. The firm has a market capitalization of $3.35 billion, a PE ratio of -35.32 and a beta of 0.71. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The firm has a 50-day moving average price of $7.47 and a 200 day moving average price of $6.40. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $9.00.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.13) EPS. On average, sell-side analysts anticipate that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Monday, March 2nd. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio is -160.00%.

Analyst Ratings Changes

PTEN has been the topic of a number of recent research reports. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Stifel Nicolaus raised their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday. Royal Bank Of Canada raised their target price on Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Finally, Citigroup increased their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Four investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $8.00.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction that occurred on 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 sale, the director directly owned 207,000 shares in the company, valued at approximately $1,215,090. The trade was a 64.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Tejara Capital Ltd boosted its position in shares of Patterson-UTI Energy by 65.1% during the 3rd quarter. Tejara Capital Ltd now owns 554,993 shares of the oil and gas company’s stock valued at $2,875,000 after purchasing an additional 218,856 shares in the last quarter. New York State Teachers Retirement System lifted its stake in Patterson-UTI Energy by 71.9% during the third quarter. New York State Teachers Retirement System now owns 551,671 shares of the oil and gas company’s stock valued at $2,858,000 after purchasing an additional 230,800 shares during the last quarter. AXQ Capital LP bought a new stake in Patterson-UTI Energy during the second quarter worth approximately $577,000. Vise Technologies Inc. bought a new stake in Patterson-UTI Energy during the second quarter worth approximately $353,000. Finally, American Century Companies Inc. increased its holdings in shares of Patterson-UTI Energy by 23.4% in the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock valued at $85,769,000 after buying an additional 2,746,159 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

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.