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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) was the target of some unusual options trading on Friday. Investors acquired 30,187 put options on the stock. This is an increase of approximately 194% compared to the average daily volume of 10,265 put options.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Barclays cut their target price on Patterson-UTI Energy from $15.00 to $14.00 and set an "overweight" rating on the stock in a research report on Friday, August 16th. Morgan Stanley cut their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an "equal weight" rating on the stock in a report on Monday. Piper Sandler reduced their price target on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating for the company in a research report on Monday, July 15th. Bank of America decreased their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a "buy" rating for the company in a research report on Monday, July 15th. Finally, Susquehanna reduced their price objective on Patterson-UTI Energy from $14.00 to $13.00 and set a "positive" rating for the company in a research note on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $13.13.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently modified their holdings of PTEN. Pingora Partners LLC acquired a new position in shares of Patterson-UTI Energy during the 4th quarter worth about $245,000. CANADA LIFE ASSURANCE Co raised its holdings in Patterson-UTI Energy by 25.4% in the 1st quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company's stock valued at $5,931,000 after buying an additional 100,626 shares during the last quarter. Edmond DE Rothschild Holding S.A. lifted its holdings in shares of Patterson-UTI Energy by 37.8% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 1,350,000 shares of the oil and gas company's stock worth $14,580,000 after purchasing an additional 370,000 shares during the period. Vanguard Group Inc. grew its position in shares of Patterson-UTI Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company's stock valued at $556,352,000 after buying an additional 1,554,020 shares during the last quarter. Finally, UniSuper Management Pty Ltd acquired a new stake in Patterson-UTI Energy during the 1st quarter valued at approximately $990,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Performance

PTEN stock traded down $0.13 during midday trading on Friday, hitting $8.37. 20,328,511 shares of the company traded hands, compared to its average volume of 6,855,095. The business has a 50 day simple moving average of $9.27 and a 200-day simple moving average of $10.42. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. Patterson-UTI Energy has a twelve month low of $7.60 and a twelve month high of $15.27. The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of 12.44 and a beta of 2.13.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 24th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.04). Patterson-UTI Energy had a net margin of 2.28% and a return on equity of 4.49%. The business had revenue of $1.35 billion during the quarter, compared to analyst estimates of $1.41 billion. As a group, equities research analysts predict that Patterson-UTI Energy will post 0.3 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.82%. The ex-dividend date was Tuesday, September 3rd. Patterson-UTI Energy's dividend payout ratio is presently 47.06%.

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.