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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the recipient of a large decrease in short interest during the month of April. As of April 15th, there was short interest totaling 17,159,086 shares, a decrease of 34.3% from the March 31st total of 26,124,570 shares. Approximately 4.6% of the company’s stock are short sold. Based on an average daily volume of 10,822,573 shares, the days-to-cover ratio is currently 1.6 days.

Patterson-UTI Energy Stock Down 1.1%

NASDAQ:PTEN traded down $0.13 during mid-day trading on Thursday, hitting $12.22. 9,343,715 shares of the company’s stock traded hands, compared to its average volume of 11,211,346. The company has a fifty day moving average of $10.11 and a 200 day moving average of $7.80. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $12.42. The company has a market capitalization of $4.64 billion, a P/E ratio of -39.42 and a beta of 0.57. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. The firm’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, analysts forecast that Patterson-UTI Energy will post -0.29 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC increased its position in Patterson-UTI Energy by 11.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after buying an additional 1,420 shares in the last quarter. Aster Capital Management DIFC Ltd increased its holdings in shares of Patterson-UTI Energy by 21.6% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after purchasing an additional 1,547 shares during the period. Sage Rhino Capital LLC increased its holdings in shares of Patterson-UTI Energy by 6.6% in the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock valued at $155,000 after purchasing an additional 1,575 shares during the period. The Manufacturers Life Insurance Company increased its holdings in shares of Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after purchasing an additional 1,915 shares during the period. Finally, First Horizon Corp increased its holdings in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of analyst reports. Zacks Research upgraded Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Morgan Stanley upped their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. The Goldman Sachs Group upped their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a research note on Monday, April 20th. Finally, Barclays upped their price objective on Patterson-UTI Energy from $8.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Monday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $11.30.

About Patterson-UTI Energy

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.