Patterson-UTI Energy, Inc. (PTEN) Sees Large Drop in Short Interest

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the recipient of a significant drop in short interest in the month of September. As of September 28th, there was short interest totalling 9,257,853 shares, a drop of 13.5% from the September 14th total of 10,700,007 shares. Approximately 4.3% of the shares of the stock are sold short. Based on an average daily volume of 2,725,071 shares, the short-interest ratio is presently 3.4 days.

A number of institutional investors and hedge funds have recently made changes to their positions in PTEN. Northern Trust Corp raised its position in Patterson-UTI Energy by 0.6% during the first quarter. Northern Trust Corp now owns 1,764,105 shares of the oil and gas company’s stock worth $30,891,000 after acquiring an additional 11,266 shares during the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Patterson-UTI Energy by 91.1% during the first quarter. Russell Investments Group Ltd. now owns 300,836 shares of the oil and gas company’s stock worth $5,267,000 after buying an additional 143,383 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Patterson-UTI Energy by 1.2% during the first quarter. Principal Financial Group Inc. now owns 2,029,773 shares of the oil and gas company’s stock worth $35,542,000 after buying an additional 23,159 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its holdings in shares of Patterson-UTI Energy by 56.1% during the first quarter. Northwestern Mutual Investment Management Company LLC now owns 45,484 shares of the oil and gas company’s stock worth $796,000 after buying an additional 16,351 shares in the last quarter. Finally, Bayesian Capital Management LP purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth about $440,000. Institutional investors own 96.25% of the company’s stock.

Several analysts recently commented on PTEN shares. BidaskClub cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, June 19th. Guggenheim cut shares of Patterson-UTI Energy from a “buy” rating to a “neutral” rating in a research note on Friday, July 6th. BMO Capital Markets set a $23.00 price objective on shares of Patterson-UTI Energy and gave the company a “buy” rating in a research note on Wednesday, July 11th. Macquarie upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a research note on Thursday, July 26th. Finally, Seaport Global Securities upgraded shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $26.00 to $20.00 in a research note on Friday, July 27th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $23.88.

Shares of PTEN opened at $16.53 on Friday. The company has a quick ratio of 1.54, a current ratio of 1.68 and a debt-to-equity ratio of 0.29. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of -20.65 and a beta of 1.14. Patterson-UTI Energy has a 12-month low of $14.60 and a 12-month high of $25.03.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, July 26th. The oil and gas company reported ($0.05) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.01). The business had revenue of $854.42 million for the quarter, compared to analyst estimates of $866.96 million. Patterson-UTI Energy had a negative return on equity of 2.64% and a net margin of 3.72%. The business’s revenue was up 47.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.46) EPS. As a group, research analysts anticipate that Patterson-UTI Energy will post -0.41 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 20th. Shareholders of record on Thursday, September 6th were given a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 0.97%. The ex-dividend date of this dividend was Wednesday, September 5th. Patterson-UTI Energy’s payout ratio is currently -20.00%.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments, Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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