Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Short Interest Down 10.5% in July
Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of a large decline in short interest during the month of July. As of July 14th, there was short interest totalling 16,985,315 shares, a decline of 10.5% from the June 30th total of 18,983,207 shares. Based on an average trading volume of 3,261,217 shares, the days-to-cover ratio is presently 5.2 days. Currently, 8.1% of the shares of the stock are short sold.
A number of analysts have issued reports on the company. Deutsche Bank AG reduced their price objective on 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. BidaskClub raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, June 13th. BMO Capital Markets reaffirmed a “hold” rating and issued a $28.00 price objective on shares of Patterson-UTI Energy in a research note on Thursday, April 13th. Tudor Pickering raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Monday, April 3rd. Finally, Evercore ISI reaffirmed an “outperform” rating and issued a $35.00 price objective on shares of Patterson-UTI Energy in a research note on Tuesday, June 6th. Three analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $27.54.
Shares of Patterson-UTI Energy (NASDAQ PTEN) opened at 19.43 on Friday. The stock’s market capitalization is $3.20 billion. The firm has a 50 day moving average price of $20.12 and a 200 day moving average price of $23.69. Patterson-UTI Energy has a one year low of $17.61 and a one year high of $29.76.
Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Thursday, July 27th. The oil and gas company reported ($0.21) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.09. Patterson-UTI Energy had a negative return on equity of 13.10% and a negative net margin of 32.74%. The business had revenue of $579 million during the quarter, compared to analysts’ expectations of $556.47 million. During the same period in the previous year, the firm posted ($0.58) earnings per share. The company’s revenue was up 198.5% on a year-over-year basis. Analysts predict that Patterson-UTI Energy will post ($1.04) earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th will be paid a $0.02 dividend. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.41%. Patterson-UTI Energy’s payout ratio is presently -3.83%.
Several large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. boosted its stake in shares of Patterson-UTI Energy by 7.9% in the first quarter. PNC Financial Services Group Inc. now owns 9,303 shares of the oil and gas company’s stock worth $225,000 after buying an additional 683 shares during the last quarter. LS Investment Advisors LLC boosted its stake in shares of Patterson-UTI Energy by 7.5% in the first quarter. LS Investment Advisors LLC now owns 10,803 shares of the oil and gas company’s stock worth $262,000 after buying an additional 754 shares during the last quarter. First Mercantile Trust Co. purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth $263,000. Timber Hill LLC purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth $269,000. Finally, Capstone Asset Management Co. boosted its stake in shares of Patterson-UTI Energy by 3.4% in the second quarter. Capstone Asset Management Co. now owns 13,954 shares of the oil and gas company’s stock worth $282,000 after buying an additional 460 shares during the last quarter. 85.04% of the stock is owned by institutional investors and hedge funds.
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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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