Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Sees Large Increase in Short Interest

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw a large increase in short interest in February. As of February 27th, there was short interest totaling 41,466,379 shares, an increase of 31.6% from the February 12th total of 31,502,882 shares. Currently, 11.2% of the company’s stock are short sold. Based on an average trading volume of 8,203,940 shares, the days-to-cover ratio is presently 5.1 days. Based on an average trading volume of 8,203,940 shares, the days-to-cover ratio is presently 5.1 days. Currently, 11.2% of the company’s stock are short sold.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PTEN. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Piper Sandler lifted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. The Goldman Sachs Group boosted their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Royal Bank Of Canada raised their price target on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average target price of $8.11.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $10.14 on Tuesday. The business’s fifty day moving average is $8.08 and its 200 day moving average is $6.65. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $10.46. The company has a market capitalization of $3.85 billion, a PE ratio of -40.56 and a beta of 0.71.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (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 company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the company posted ($0.13) EPS. The firm’s revenue was down 1.0% on a year-over-year basis. Sell-side analysts predict that Patterson-UTI Energy will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a $0.10 dividend. The ex-dividend date was Monday, March 2nd. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 annualized dividend and a dividend yield of 3.9%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -160.00%.

Insider Activity

In related news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the transaction, the director directly owned 207,000 shares of the company’s stock, valued at $1,215,090. This trade represents a 64.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Sourcerock Group LLC boosted its holdings in shares of Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares during the last quarter. Holocene Advisors LP lifted its position in shares of Patterson-UTI Energy by 176.6% in the third quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock worth $47,801,000 after buying an additional 5,891,956 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after acquiring an additional 5,551,276 shares during the last quarter. UBS Group AG raised its holdings in shares of Patterson-UTI Energy by 121.2% during the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock worth $50,839,000 after acquiring an additional 4,558,445 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Patterson-UTI Energy by 97.7% during the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after acquiring an additional 4,442,700 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Company Profile

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.