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

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

Patterson-UTI Energy Trading Down 7.7%

NASDAQ:PTEN opened at $9.41 on Tuesday. Patterson-UTI Energy has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The firm’s 50 day moving average is $10.54 and its 200 day moving average is $9.86. The stock has a market capitalization of $3.57 billion, a PE ratio of -30.35 and a beta of 0.62.

Insider Activity

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 322,699 shares of Patterson-UTI Energy stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the transaction, the director owned 1,190,248 shares of the company’s stock, valued at $14,330,585.92. This trade represents a 21.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the transaction, the director owned 77,462 shares in the company, valued at $952,007.98. The trade was a 11.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,007,844 shares of company stock worth $11,922,302. Corporate insiders own 2.20% of the company’s stock.

Institutional Trading of Patterson-UTI Energy

Several hedge funds have recently made changes to their positions in PTEN. Quarry LP grew its stake in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 3,862 shares during the period. First Horizon Corp raised its stake in Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares during the period. Rockefeller Capital Management L.P. raised its stake in Patterson-UTI Energy by 187.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 4,299 shares during the period. Torren Management LLC purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at about $44,000. Finally, EverSource Wealth Advisors LLC lifted its holdings 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 purchasing an additional 7,171 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on PTEN. Royal Bank Of Canada boosted their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Citigroup decreased their target price on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research report on Monday, June 29th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a research note on Monday, April 20th. Morgan Stanley boosted their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. Finally, Stifel Nicolaus increased their price target 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 investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $12.15.

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.