Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Sees Large Drop in Short Interest

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of a significant decrease in short interest during the month of January. As of January 15th, there was short interest totalling 24,350,000 shares, a decrease of 12.8% from the December 31st total of 27,940,000 shares. Based on an average daily trading volume, of 8,870,000 shares, the short-interest ratio is currently 2.7 days.

Patterson-UTI Energy Trading Down 2.4 %

NASDAQ:PTEN traded down $0.19 during mid-day trading on Monday, hitting $7.88. 8,923,099 shares of the stock traded hands, compared to its average volume of 8,301,810. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of -3.60 and a beta of 2.07. Patterson-UTI Energy has a 52 week low of $7.15 and a 52 week high of $12.65. The firm’s 50 day moving average is $8.27 and its two-hundred day moving average is $8.50.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the completion of the transaction, the director now directly owns 32,438 shares in the company, valued at approximately $238,743.68. The trade was a 71.15 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. WFA Asset Management Corp purchased a new position in Patterson-UTI Energy in the 4th quarter worth about $27,000. Massmutual Trust Co. FSB ADV increased its position in shares of Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 3,087 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in shares of Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 1,358 shares in the last quarter. Covestor Ltd grew its stake in Patterson-UTI Energy by 92.4% in the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 3,307 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PTEN. StockNews.com cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. Royal Bank of Canada decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Barclays dropped their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Citigroup decreased their target price on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Finally, Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $11.63.

Patterson-UTI Energy Company Profile

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.