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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw a large decline in short interest in January. As of January 15th, there was short interest totaling 24,738,918 shares, a decline of 14.0% from the December 31st total of 28,782,360 shares. Approximately 6.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 12,580,721 shares, the days-to-cover ratio is presently 2.0 days. Based on an average daily trading volume, of 12,580,721 shares, the days-to-cover ratio is presently 2.0 days. Approximately 6.7% of the shares of the stock are sold short.

Insider Buying and Selling at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the sale, the director owned 207,000 shares in the company, valued at approximately $1,215,090. This trade represents a 64.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently added to or reduced their stakes in the business. Connable Office Inc. acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $147,000. International Assets Investment Management LLC bought a new position in Patterson-UTI Energy during the fourth quarter worth $367,000. Principal Financial Group Inc. grew its holdings in Patterson-UTI Energy by 92.6% in the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after purchasing an additional 4,093,636 shares during the period. Sage Rhino Capital LLC increased its stake in 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 in the last quarter. Finally, Torren Management LLC acquired a new position in shares of Patterson-UTI Energy during the fourth quarter valued at about $44,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Up 2.9%

NASDAQ PTEN traded up $0.22 during mid-day trading on Tuesday, reaching $7.81. 10,527,012 shares of the stock were exchanged, compared to its average volume of 11,231,123. The stock has a market cap of $2.96 billion, a P/E ratio of -21.69 and a beta of 0.75. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The stock has a 50 day simple moving average of $6.51 and a 200-day simple moving average of $6.02. Patterson-UTI Energy has a one year low of $5.10 and a one year high of $9.30.

Analysts Set New Price Targets

PTEN has been the topic of several research analyst reports. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Tudor Pickering lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Finally, Barclays restated an “equal weight” rating and set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Three analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $7.28.

Patterson-UTI Energy Company Profile

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.