Short Interest in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Decreases By 12.8%

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of a large decrease in short interest in January. As of January 15th, there was short interest totalling 24,350,000 shares, a decrease of 12.8% from the December 31st total of 27,940,000 shares. Based on an average trading volume of 8,870,000 shares, the days-to-cover ratio is presently 2.7 days.

Insider Activity

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $7.36, for a total value of $588,800.00. Following the sale, the director now owns 32,438 shares of the company’s stock, valued at approximately $238,743.68. This represents a 71.15 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors have recently made changes to their positions in PTEN. MassMutual Private Wealth & Trust FSB raised its stake in shares of Patterson-UTI Energy by 31.4% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 1,358 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in Patterson-UTI Energy by 7.2% in the 3rd quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after buying an additional 1,501 shares during the period. KBC Group NV lifted its holdings in shares of Patterson-UTI Energy by 18.5% in the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after buying an additional 1,723 shares in the last quarter. Sequoia Financial Advisors LLC raised its position in shares of Patterson-UTI Energy by 10.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock valued at $150,000 after buying an additional 1,879 shares in the last quarter. Finally, Blue Trust Inc. raised its holdings in shares of Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after buying an additional 1,901 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN traded down $0.19 during trading hours on Monday, hitting $7.88. The stock had a trading volume of 8,923,099 shares, compared to its average volume of 8,301,810. The company has a 50 day simple moving average of $8.26 and a two-hundred day simple moving average of $8.48. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of -3.60 and a beta of 2.07. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy has a one year low of $7.15 and a one year high of $12.65.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research reports. Raymond James downgraded Patterson-UTI Energy from a “strong-buy” rating to a “market perform” rating in a report on Monday, January 6th. Stifel Nicolaus decreased their price objective on shares of Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a report on Monday, January 6th. Royal Bank of Canada reduced their target price on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. 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 report on Thursday, October 31st. Finally, The Goldman Sachs Group raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and cut their price objective for the company from $11.00 to $10.00 in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.63.

Patterson-UTI Energy Company Profile

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.