Investors Purchase High Volume of Put Options on Patterson-UTI Energy (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of unusually large options trading activity on Thursday. Stock investors acquired 32,419 put options on the company. This is an increase of 240% compared to the typical volume of 9,545 put options.

Insider Transactions at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total value of $2,204,254.68. Following the sale, the director now owns 2,473,239 shares of the company’s stock, valued at approximately $29,011,093.47. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently made changes to their positions in the business. Capital Advisors Ltd. LLC acquired a new stake in Patterson-UTI Energy in the 3rd quarter valued at $25,000. Fortitude Family Office LLC boosted its position in shares of Patterson-UTI Energy by 320.7% in the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,594 shares during the period. CWM LLC grew its stake in shares of Patterson-UTI Energy by 40.9% in the third quarter. CWM LLC now owns 2,725 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 791 shares in the last quarter. Lindbrook Capital LLC raised its holdings 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 valued at $40,000 after buying an additional 1,332 shares during the period. Finally, Neo Ivy Capital Management purchased a new position in Patterson-UTI Energy in the 4th quarter worth approximately $40,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Tuesday, April 2nd. Evercore ISI decreased their target price on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 20th. Susquehanna reaffirmed a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Royal Bank of Canada reduced their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. Finally, Raymond James lowered their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $16.17.

Patterson-UTI Energy Price Performance

PTEN stock opened at $11.26 on Friday. The company has a market cap of $4.54 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 1.69 and a beta of 2.21. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. The stock has a 50-day moving average price of $11.75 and a two-hundred day moving average price of $11.61. Patterson-UTI Energy has a 12-month low of $9.70 and a 12-month high of $16.17.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.50 billion. Patterson-UTI Energy had a return on equity of 10.00% and a net margin of 5.94%. As a group, research analysts predict that Patterson-UTI Energy will post 0.6 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 2.84%. The ex-dividend date was Thursday, February 29th. Patterson-UTI Energy’s payout ratio is currently 31.68%.

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.