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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of some unusual options trading activity on Thursday. Stock traders acquired 32,419 put options on the stock. This represents an increase of approximately 240% compared to the typical volume of 9,545 put options.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Susquehanna reissued a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research note on Monday, April 8th. Bank of America decreased their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a research note on Monday, April 15th. Royal Bank of Canada cut their price objective on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating for the company in a report on Friday, February 16th. Evercore ISI cut their target price on shares of Patterson-UTI Energy from $19.00 to $18.00 and set an “outperform” rating for the company in a research note on Tuesday, February 20th. Finally, StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Tuesday, April 2nd. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $16.17.

Patterson-UTI Energy Stock Down 2.3 %

Shares of Patterson-UTI Energy stock opened at $11.26 on Friday. The stock 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. Patterson-UTI Energy has a 12 month low of $9.70 and a 12 month high of $16.17. The business has a fifty day simple moving average of $11.75 and a 200 day simple moving average of $11.61. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26.

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

Patterson-UTI Energy Announces Dividend

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

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’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 completion of the sale, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

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

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.