Patterson-UTI Energy Sees Unusually High Options Volume (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw some unusual options trading activity on Friday. Investors acquired 140,770 put options on the stock. This represents an increase of 1,249% compared to the typical volume of 10,433 put options.

Wall Street Analysts Forecast Growth

PTEN has been the subject of several recent analyst reports. Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Royal Bank of Canada lowered their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Raymond James lowered their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating for the company in a research note on Friday, October 25th. Finally, Citigroup lowered their price objective on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $11.88.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded up $0.45 on Friday, reaching $8.81. 4,945,882 shares of the company were exchanged, compared to its average volume of 7,188,416. The company has a market cap of $3.44 billion, a price-to-earnings ratio of -3.82 and a beta of 2.12. The business has a 50-day moving average price of $8.09 and a 200 day moving average price of $9.30. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy has a 1 year low of $7.38 and a 1 year high of $12.65.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

Institutional Trading of Patterson-UTI Energy

Hedge funds and other institutional investors have recently modified their holdings of the business. Hexagon Capital Partners LLC boosted its position in shares of Patterson-UTI Energy by 119.5% during the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV increased its position in shares of Patterson-UTI Energy by 250.4% during the third quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 3,087 shares during the period. Covestor Ltd increased its position in shares of Patterson-UTI Energy by 92.4% during the third quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 3,307 shares during the period. CWM LLC increased its position in shares of Patterson-UTI Energy by 49.9% during the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 2,012 shares during the period. Finally, Blue Trust Inc. increased its position in shares of Patterson-UTI Energy by 25.0% during the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 1,901 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

About Patterson-UTI Energy

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.