Traders Purchase Large Volume of Patterson-UTI Energy Call Options (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the recipient of some unusual options trading on Friday. Traders acquired 5,064 call options on the stock. This is an increase of 284% compared to the average volume of 1,320 call options.

Insider Transactions at Patterson-UTI Energy

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 stock was sold at an average price of $5.87, for a total transaction 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. This trade represents a 64.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 2.40% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tudor Investment Corp ET AL bought a new position in Patterson-UTI Energy during the third quarter worth about $2,206,000. Mirabella Financial Services LLP bought a new position in Patterson-UTI Energy during the 3rd quarter worth approximately $150,000. Swiss Life Asset Management Ltd acquired a new position in Patterson-UTI Energy during the third quarter valued at approximately $85,000. CIBC Bancorp USA Inc. acquired a new stake in Patterson-UTI Energy in the third quarter worth $195,000. Finally, Oarsman Capital Inc. acquired a new stake in Patterson-UTI Energy in the third quarter worth $139,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Tudor Pickering downgraded Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Wall Street Zen upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Barclays reissued an “equal weight” rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research report on Monday, October 13th. JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday. Three research analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Hold” and a consensus target price of $7.28.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN traded up $0.25 during midday trading on Friday, hitting $6.36. The company’s stock had a trading volume of 2,068,379 shares, compared to its average volume of 7,336,756. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. The stock’s 50 day simple moving average is $6.04 and its 200 day simple moving average is $5.89. The stock has a market capitalization of $2.41 billion, a price-to-earnings ratio of -17.68 and a beta of 0.72. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. The company had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. As a group, research analysts anticipate that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Shareholders of record on Monday, December 1st were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend was Monday, December 1st. Patterson-UTI Energy’s payout ratio is presently -88.89%.

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.