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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the recipient of unusually large options trading on Monday. Traders bought 5,771 put options on the stock. This represents an increase of 109% compared to the average daily volume of 2,759 put options.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN traded down $0.79 during trading on Monday, hitting $9.41. 9,456,309 shares of the company’s stock were exchanged, compared to its average volume of 10,249,634. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. Patterson-UTI Energy has a 52-week low of $5.10 and a 52-week high of $13.08. The business’s 50-day simple moving average is $10.61 and its 200 day simple moving average is $9.84. The company has a market cap of $3.57 billion, a price-to-earnings ratio of -30.35 and a beta of 0.62.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the completion of the sale, the director owned 1,190,248 shares of the company’s stock, valued at approximately $14,330,585.92. The trade was a 21.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Forrest C. Robinson sold 13,670 shares of the company’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the sale, the chief accounting officer owned 56,842 shares of the company’s stock, valued at approximately $682,672.42. The trade was a 19.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,007,844 shares of company stock worth $11,922,302 in the last quarter. Company insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently added to or reduced their stakes in the stock. Quarry LP raised its position in shares of Patterson-UTI Energy by 360.3% during the third 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. First Horizon Corp boosted its position in shares of Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 2,049 shares during the last quarter. Rockefeller Capital Management L.P. boosted its position in shares of Patterson-UTI Energy by 187.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 4,299 shares during the last quarter. Torren Management LLC purchased a new position in Patterson-UTI Energy during the fourth quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC grew its stake in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 7,171 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $10.00 to $15.00 in a report on Thursday, May 7th. The Goldman Sachs Group upped their price target on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Piper Sandler raised shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price objective for the company in a research note on Tuesday, July 14th. Finally, Stifel Nicolaus raised their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, June 16th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $12.15.

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.