Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Short Interest Up 31.6% in February
by Michael Walen · The Markets DailyPatterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Free Report) saw a large increase in short interest in February. As of February 27th, there was short interest totaling 41,466,379 shares, an increase of 31.6% from the February 12th total of 31,502,882 shares. Based on an average trading volume of 8,203,940 shares, the short-interest ratio is currently 5.1 days. Currently, 11.2% of the company’s stock are sold short. Currently, 11.2% of the company’s stock are sold short. Based on an average trading volume of 8,203,940 shares, the short-interest ratio is currently 5.1 days.
Insider Buying and Selling
In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction dated Thursday, December 18th. The shares were 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 trade represents a 64.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.40% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tejara Capital Ltd increased its holdings in shares of Patterson-UTI Energy by 65.1% during the third quarter. Tejara Capital Ltd now owns 554,993 shares of the oil and gas company’s stock valued at $2,875,000 after acquiring an additional 218,856 shares in the last quarter. New York State Teachers Retirement System raised its position in shares of Patterson-UTI Energy by 71.9% in the 3rd 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. Citigroup Inc. boosted its stake in Patterson-UTI Energy by 10.3% in the 3rd quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock worth $7,717,000 after purchasing an additional 139,561 shares in the last quarter. AXQ Capital LP acquired a new stake in Patterson-UTI Energy in the 2nd quarter worth approximately $577,000. Finally, Vise Technologies Inc. purchased a new stake in Patterson-UTI Energy during the 2nd quarter worth approximately $353,000. 97.91% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities analysts have recently issued reports on PTEN shares. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Royal Bank Of Canada boosted their price objective on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. The Goldman Sachs Group upped their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a report on Wednesday, March 4th. Citigroup increased their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $8.11.
Patterson-UTI Energy Stock Up 4.5%
Shares of Patterson-UTI Energy stock traded up $0.44 on Friday, reaching $10.29. The stock had a trading volume of 16,886,587 shares, compared to its average volume of 10,295,626. 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 stock has a market capitalization of $3.91 billion, a P/E ratio of -41.16 and a beta of 0.71. The company has a 50 day moving average price of $8.01 and a 200 day moving average price of $6.61. Patterson-UTI Energy has a 1 year low of $5.10 and a 1 year high of $10.39.
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. Patterson-UTI Energy’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.13) earnings per share. As a group, equities research analysts forecast that Patterson-UTI Energy will post -0.1 EPS for the current year.
Patterson-UTI Energy Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, March 2nd. This represents a $0.40 annualized dividend and a dividend yield of 3.9%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -160.00%.
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.