Investors Buy Large Volume of Patterson-UTI Energy Call Options (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the recipient of unusually large options trading on Friday. Stock investors purchased 32,699 call options on the stock. This represents an increase of 1,343% compared to the typical volume of 2,266 call options.

Patterson-UTI Energy Trading Up 2.1%

PTEN traded up $0.24 during trading on Friday, hitting $11.50. The company’s stock had a trading volume of 5,079,042 shares, compared to its average volume of 11,201,702. Patterson-UTI Energy has a twelve month low of $5.10 and a twelve month high of $11.58. The stock has a market cap of $4.36 billion, a PE ratio of -45.94 and a beta of 0.71. The firm’s 50 day moving average price is $8.71 and its 200-day moving average price is $6.92. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data 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 return on equity of 1.50% and a negative net margin of 1.94%.The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the previous year, the business earned ($0.13) earnings per share. The business’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, analysts expect that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio is currently -160.00%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PTEN. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. The Goldman Sachs Group lifted their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Finally, Citigroup upped their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Five equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $8.11.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the company’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds have recently modified their holdings of the stock. Quarry LP increased its holdings 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 purchasing an additional 3,862 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Patterson-UTI Energy by 127.3% during the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 3,343 shares in the last quarter. First Horizon Corp boosted its position 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 worth $34,000 after buying an additional 2,049 shares during the period. Aster Capital Management DIFC Ltd purchased a new stake in shares of Patterson-UTI Energy in the third quarter worth about $37,000. Finally, Rockefeller Capital Management L.P. grew its stake in shares of Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 4,299 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

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.