Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Short Interest Update

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. StockNews.com lowered Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research note on Saturday, October 12th. Stifel Nicolaus dropped their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a "buy" rating on the stock in a research note on Monday, January 6th. Barclays dropped their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 16th. Royal Bank of Canada decreased their price objective on Patterson-UTI Energy from $12.00 to $11.00 and set an "outperform" rating for the company in a report on Friday, October 25th. Finally, The Goldman Sachs Group upgraded Patterson-UTI Energy from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $11.00 to $10.00 in a report on Friday, December 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $11.63.

Patterson-UTI Energy Stock Up 2.9 %

Patterson-UTI Energy stock traded up $0.24 during trading on Friday, hitting $8.62. 11,733,659 shares of the company were exchanged, compared to its average volume of 9,127,574. The business's 50 day moving average is $8.26 and its 200 day moving average is $8.45. Patterson-UTI Energy has a 52 week low of $7.15 and a 52 week high of $12.65. The company has a market capitalization of $3.36 billion, a P/E ratio of -3.94 and a beta of 2.07. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, March 3rd will be issued a dividend of $0.08 per share. The ex-dividend date is Monday, March 3rd. This represents a $0.32 annualized dividend and a yield of 3.71%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -14.61%.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 80,000 shares of Patterson-UTI Energy stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total transaction of $588,800.00. Following the sale, the director now directly owns 32,438 shares of the company's stock, valued at approximately $238,743.68. This trade represents a 71.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 2.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC boosted its position in Patterson-UTI Energy by 63.0% in the fourth quarter. Sequoia Financial Advisors LLC now owns 31,870 shares of the oil and gas company's stock worth $263,000 after purchasing an additional 12,322 shares during the last quarter. HighTower Advisors LLC boosted its position in Patterson-UTI Energy by 44.0% in the fourth quarter. HighTower Advisors LLC now owns 18,832 shares of the oil and gas company's stock worth $156,000 after purchasing an additional 5,753 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Patterson-UTI Energy by 32.3% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 105,061 shares of the oil and gas company's stock worth $868,000 after purchasing an additional 25,655 shares during the last quarter. AlphaQuest LLC boosted its position in Patterson-UTI Energy by 2,113.5% in the fourth quarter. AlphaQuest LLC now owns 15,849 shares of the oil and gas company's stock worth $131,000 after purchasing an additional 15,133 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in shares of Patterson-UTI Energy by 62.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 36,094 shares of the oil and gas company's stock valued at $298,000 after buying an additional 13,837 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company's stock.

About Patterson-UTI Energy

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.