Patterson-UTI Energy Sees Significant Drop in Short Interest (PTEN)
Patterson-UTI Energy (NASDAQ:PTEN) was the recipient of a significant decline in short interest in the month of June. As of June 30th, there was short interest totalling 3,000,760 shares, a decline of 21.6% from the June 13th total of 3,826,341 shares, American Banking News reports. Approximately 2.1% of the company’s shares are short sold. Based on an average daily volume of 2,033,324 shares, the days-to-cover ratio is currently 1.5 days.
PTEN has been the subject of a number of recent research reports. Analysts at Global Hunter Securities raised their price target on shares of Patterson-UTI Energy from $33.00 to $43.00 in a research note on Wednesday, July 16th. Separately, analysts at RBC Capital raised their price target on shares of Patterson-UTI Energy from $39.00 to $44.00 in a research note on Friday, July 11th. They now have an “outperform” rating on the stock. Finally, analysts at Goldman Sachs raised their price target on shares of Patterson-UTI Energy from $39.00 to $41.00 in a research note on Thursday, July 10th. They now have a “buy” rating on the stock. Five equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Patterson-UTI Energy currently has a consensus rating of “Buy” and a consensus price target of $34.70.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 35.28 on Tuesday. Patterson-UTI Energy has a 52-week low of $18.83 and a 52-week high of $36.17. The stock has a 50-day moving average of $34.36 and a 200-day moving average of $30.84. The company has a market cap of $5.054 billion and a P/E ratio of 30.65.
Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, April 24th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by $0.01. The company had revenue of $678.00 million for the quarter, compared to the consensus estimate of $679.52 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Analysts expect that Patterson-UTI Energy will post $1.44 EPS for the current fiscal year.
Patterson-UTI Energy, Inc (NASDAQ:PTEN) owns and operates fleets of land-based drilling rigs in the United States.
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