Stock Traders Purchase Large Volume of Put Options on Patterson-UTI Energy (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Free Report) saw unusually large options trading activity on Monday. Stock investors purchased 57,700 put options on the company. This represents an increase of 506% compared to the typical daily volume of 9,519 put options.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PTEN shares. downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Friday. Piper Sandler lowered their price target on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Susquehanna reissued a “positive” rating and issued a $16.00 price objective on shares of Patterson-UTI Energy in a report on Monday, April 8th. Evercore ISI decreased their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Friday, May 3rd. Finally, Benchmark restated a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $15.67.

Read Our Latest Stock Analysis on Patterson-UTI Energy

Patterson-UTI Energy Stock Up 2.6 %

Shares of NASDAQ:PTEN opened at $10.36 on Tuesday. The stock’s 50-day moving average price is $10.77 and its two-hundred day moving average price is $11.05. The company has a current ratio of 1.48, a quick ratio of 1.28 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a 12-month low of $9.68 and a 12-month high of $16.17. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of 15.24 and a beta of 2.18.

Patterson-UTI Energy (NASDAQ:PTENGet Free Report) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.02. Patterson-UTI Energy had a return on equity of 7.13% and a net margin of 4.07%. The firm had revenue of $1.51 billion for the quarter, compared to analyst estimates of $1.51 billion. During the same period last year, the company earned $0.46 EPS. On average, research analysts forecast that Patterson-UTI Energy will post 0.55 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend was Monday, June 3rd. Patterson-UTI Energy’s payout ratio is currently 47.06%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the business’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the sale, the director now directly owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 2.30% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

A number of institutional investors have recently added to or reduced their stakes in PTEN. Fortitude Family Office LLC grew its holdings in shares of Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 1,594 shares during the last quarter. Lindbrook Capital LLC lifted its position in shares of Patterson-UTI Energy by 66.5% during the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 1,332 shares during the last quarter. Neo Ivy Capital Management acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth about $40,000. Parkside Financial Bank & Trust lifted its position in shares of Patterson-UTI Energy by 635.8% during the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,594 shares during the last quarter. Finally, CWM LLC increased its stake in Patterson-UTI Energy by 28.5% during the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after acquiring an additional 893 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

About Patterson-UTI Energy

(Get Free Report)

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.

Further Reading

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