Investors Buy High Volume of Put Options on Patterson-UTI Energy (NASDAQ:PTEN)

Posted by Defense World Staff on Jun 7th, 2023

Patterson-UTI Energy logo Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Get Rating) was the recipient of unusually large options trading on Tuesday. Stock traders acquired 34,830 put options on the company. This is an increase of approximately 1,070% compared to the typical volume of 2,978 put options.

Patterson-UTI Energy Stock Up 1.4 %

Patterson-UTI Energy stock opened at $10.76 on Wednesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.60 and a quick ratio of 1.47. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 8.28, a PEG ratio of 0.17 and a beta of 2.29. Patterson-UTI Energy has a 1-year low of $9.70 and a 1-year high of $19.94. The business has a fifty day moving average price of $11.19 and a 200-day moving average price of $13.98.

Patterson-UTI Energy (NASDAQ:PTEN – Get Rating) last issued its earnings results on Wednesday, April 26th. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.10. The company had revenue of $791.80 million during the quarter, compared to analyst estimates of $757.41 million. Patterson-UTI Energy had a return on equity of 16.59% and a net margin of 9.66%. The firm’s quarterly revenue was up 55.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.13) EPS. Equities research analysts forecast that Patterson-UTI Energy will post 1.74 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Thursday, June 1st will be paid a dividend of $0.08 per share. The ex-dividend date is Wednesday, May 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.97%. Patterson-UTI Energy’s payout ratio is currently 24.62%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Barclays dropped their price target on Patterson-UTI Energy from $26.00 to $19.00 in a research note on Tuesday, May 9th. StockNews.com began coverage on Patterson-UTI Energy in a research report on Thursday, May 18th. They set a “buy” rating on the stock. Susquehanna reduced their price target on Patterson-UTI Energy from $15.00 to $13.00 in a report on Friday, June 2nd. Citigroup reduced their price target on Patterson-UTI Energy from $14.00 to $12.00 in a report on Friday, May 19th. Finally, Royal Bank of Canada reduced their price target on Patterson-UTI Energy from $24.00 to $23.00 and set a “sector perform” rating on the stock in a report on Friday, February 10th. Five investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average target price of $17.56.

Hedge Funds Weigh In On Patterson-UTI Energy

A number of institutional investors have recently modified their holdings of PTEN. Citigroup Inc. raised its stake in shares of Patterson-UTI Energy by 2.2% during the 1st quarter. Citigroup Inc. now owns 212,072 shares of the oil and gas company’s stock valued at $3,283,000 after buying an additional 4,464 shares during the last quarter. AlphaCrest Capital Management LLC purchased a new position in shares of Patterson-UTI Energy during the 1st quarter valued at about $187,000. Natixis Advisors L.P. purchased a new position in shares of Patterson-UTI Energy during the 1st quarter valued at about $460,000. MetLife Investment Management LLC raised its stake in shares of Patterson-UTI Energy by 15.7% during the 1st quarter. MetLife Investment Management LLC now owns 223,039 shares of the oil and gas company’s stock valued at $3,453,000 after buying an additional 30,250 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Patterson-UTI Energy by 1.5% during the 1st quarter. Rhumbline Advisers now owns 601,506 shares of the oil and gas company’s stock valued at $9,311,000 after buying an additional 9,136 shares during the last quarter. Hedge funds and other institutional investors own 96.57% of the company’s stock.

About Patterson-UTI Energy

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Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.