Patterson-UTI Energy, Inc. (PTEN) Short Interest Update
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw a large decline in short interest in May. As of May 15th, there was short interest totalling 19,216,305 shares, a decline of 15.6% from the April 28th total of 22,756,926 shares. Based on an average daily trading volume, of 4,616,486 shares, the days-to-cover ratio is currently 4.2 days. Currently, 9.1% of the shares of the stock are sold short.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 21.52 on Friday. The stock’s market capitalization is $3.55 billion. The stock’s 50 day moving average is $22.48 and its 200 day moving average is $25.40. Patterson-UTI Energy has a 12 month low of $17.60 and a 12 month high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Thursday, April 27th. The oil and gas company reported ($0.42) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.44) by $0.02. The firm had revenue of $305.20 million for the quarter, compared to the consensus estimate of $294.82 million. Patterson-UTI Energy had a negative net margin of 34.79% and a negative return on equity of 13.25%. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same period last year, the firm posted ($0.48) earnings per share. Analysts anticipate that Patterson-UTI Energy will post ($1.06) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 22nd. Stockholders of record on Thursday, June 8th will be paid a $0.02 dividend. This represents a $0.08 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend is Tuesday, June 6th. Patterson-UTI Energy’s dividend payout ratio is currently -3.69%.
Several institutional investors have recently bought and sold shares of the company. ETRADE Capital Management LLC acquired a new position in Patterson-UTI Energy during the third quarter valued at $200,000. Scout Investments Inc. increased its position in Patterson-UTI Energy by 30.3% in the third quarter. Scout Investments Inc. now owns 1,350,713 shares of the oil and gas company’s stock valued at $30,215,000 after buying an additional 314,076 shares in the last quarter. Pioneer Investment Management Inc. acquired a new position in Patterson-UTI Energy during the third quarter valued at $24,372,000. Orleans Capital Management Corp LA increased its position in Patterson-UTI Energy by 3.1% in the third quarter. Orleans Capital Management Corp LA now owns 73,046 shares of the oil and gas company’s stock valued at $1,634,000 after buying an additional 2,200 shares in the last quarter. Finally, Energy Opportunities Capital Management LLC increased its position in Patterson-UTI Energy by 20.2% in the third quarter. Energy Opportunities Capital Management LLC now owns 844,631 shares of the oil and gas company’s stock valued at $18,894,000 after buying an additional 141,902 shares in the last quarter. 98.84% of the stock is currently owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on PTEN. Royal Bank of Canada restated a “buy” rating and set a $35.00 target price on shares of Patterson-UTI Energy in a research note on Friday, May 19th. BMO Capital Markets set a $28.00 target price on shares of Patterson-UTI Energy and gave the company a “hold” rating in a research note on Friday, May 19th. Capital One Financial Corp. upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating in a research note on Monday, May 15th. Jefferies Group LLC restated a “buy” rating and set a $32.00 target price (down previously from $35.00) on shares of Patterson-UTI Energy in a research note on Wednesday, May 3rd. Finally, Deutsche Bank AG lowered their target price on shares of Patterson-UTI Energy from $31.00 to $28.00 and set a “hold” rating on the stock in a research note on Friday, April 28th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and nineteen have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $27.88.
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Patterson-UTI Energy Company Profile
Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.
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