Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Short Interest Up 20.0% in February

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of a significant growth in short interest in the month of February. As of February 13th, there was short interest totaling 31,502,882 shares, a growth of 20.0% from the January 29th total of 26,256,092 shares. Based on an average trading volume of 11,926,300 shares, the days-to-cover ratio is presently 2.6 days. Approximately 8.5% of the company’s shares are sold short. Approximately 8.5% of the company’s shares are sold short. Based on an average trading volume of 11,926,300 shares, the days-to-cover ratio is presently 2.6 days.

Patterson-UTI Energy Trading Up 0.1%

PTEN stock opened at $8.83 on Wednesday. Patterson-UTI Energy has a 1-year low of $5.10 and a 1-year high of $9.00. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The business’s 50 day moving average is $7.47 and its 200-day moving average is $6.40. The firm has a market cap of $3.35 billion, a P/E ratio of -35.32 and a beta of 0.71.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period in the previous year, the business earned ($0.13) earnings per share. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities analysts anticipate that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 4.5%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s payout ratio is currently -160.00%.

Insider Activity at Patterson-UTI Energy

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

Institutional Trading of Patterson-UTI Energy

Several hedge funds have recently modified their holdings of the stock. Quarry LP boosted its position in Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 3,862 shares during the last quarter. Versant Capital Management Inc lifted its position in Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 3,343 shares during the period. First Horizon Corp lifted its position in Patterson-UTI Energy by 58.5% during the 4th 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. Aster Capital Management DIFC Ltd bought a new position in shares of Patterson-UTI Energy in the 3rd quarter valued at about $37,000. Finally, Torren Management LLC acquired a new stake in shares of Patterson-UTI Energy during the 4th quarter worth approximately $44,000. 97.91% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PTEN has been the subject of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Citigroup raised their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Piper Sandler lifted their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Stifel Nicolaus upped their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Hold” and an average price target of $8.00.

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.