Patterson-UTI Energy Target of Unusually High Options Trading (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) saw some unusual options trading activity on Monday. Stock traders acquired 9,290 put options on the company. This represents an increase of approximately 74% compared to the typical daily volume of 5,347 put options.

Analyst Ratings Changes

A number of analysts have recently weighed in on PTEN shares. Atb Cap Markets downgraded shares of Patterson-UTI Energy from an “outperform” rating to a “sector perform” rating in a report on Thursday, July 7th. JPMorgan Chase & Co. upgraded shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $20.00 target price on the stock in a report on Thursday, May 26th. Benchmark started coverage on shares of Patterson-UTI Energy in a report on Monday, April 18th. They issued a “buy” rating and a $21.00 target price on the stock. Citigroup boosted their target price on shares of Patterson-UTI Energy from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, July 6th. Finally, Barclays boosted their target price on shares of Patterson-UTI Energy from $20.00 to $24.00 and gave the stock a “maintains” rating in a report on Monday. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Hold” and a consensus price target of $19.93.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction on Friday, June 10th. The shares were sold at an average price of $18.07, for a total value of $3,614,000.00. Following the sale, the chief executive officer now directly owns 1,901,374 shares in the company, valued at approximately $34,357,828.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction on Friday, June 10th. The shares were sold at an average price of $18.07, for a total value of $3,614,000.00. Following the sale, the chief executive officer now directly owns 1,901,374 shares in the company, valued at approximately $34,357,828.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William Andrew Hendricks, Jr. sold 100,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $14.37, for a total transaction of $1,437,000.00. Following the completion of the sale, the chief executive officer now owns 2,201,374 shares in the company, valued at $31,633,744.38. The disclosure for this sale can be found here. In the last quarter, insiders have sold 491,666 shares of company stock worth $8,050,072. 2.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Large investors have recently added to or reduced their stakes in the stock. AE Wealth Management LLC purchased a new stake in Patterson-UTI Energy in the 1st quarter valued at about $657,000. ProShare Advisors LLC boosted its position in Patterson-UTI Energy by 64.6% in the 4th quarter. ProShare Advisors LLC now owns 47,581 shares of the oil and gas company’s stock valued at $402,000 after buying an additional 18,672 shares during the period. Fisher Asset Management LLC boosted its position in Patterson-UTI Energy by 5,377.5% in the 4th quarter. Fisher Asset Management LLC now owns 942,901 shares of the oil and gas company’s stock valued at $7,968,000 after buying an additional 925,687 shares during the period. Journey Strategic Wealth LLC purchased a new stake in Patterson-UTI Energy in the 4th quarter valued at about $106,000. Finally, Jennison Associates LLC purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth approximately $3,904,000. 95.14% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $16.30 on Wednesday. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of -7.58 and a beta of 2.27. Patterson-UTI Energy has a 12 month low of $6.44 and a 12 month high of $20.53. The firm’s 50-day moving average is $15.99 and its 200 day moving average is $14.99. The company has a current ratio of 1.35, a quick ratio of 1.23 and a debt-to-equity ratio of 0.54.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be given a $0.04 dividend. The ex-dividend date is Wednesday, August 31st. This represents a $0.16 annualized dividend and a yield of 0.98%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -7.44%.

About Patterson-UTI Energy

(Get Rating)

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

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