Patterson-UTI Energy Target of Unusually Large Options Trading (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw some unusual options trading activity on Thursday. Investors purchased 281,353 put options on the stock. This is an increase of 3,345% compared to the typical daily volume of 8,166 put options.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of PTEN. Pacer Advisors Inc. acquired a new position in shares of Patterson-UTI Energy during the 2nd quarter worth about $152,265,000. Ninepoint Partners LP bought a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $51,800,000. American Century Companies Inc. grew its stake in shares of Patterson-UTI Energy by 62.8% in the second quarter. American Century Companies Inc. now owns 5,683,096 shares of the oil and gas company’s stock worth $58,877,000 after acquiring an additional 2,191,330 shares during the last quarter. Webs Creek Capital Management LP bought a new position in Patterson-UTI Energy during the first quarter worth $24,116,000. Finally, Nisa Investment Advisors LLC raised its stake in Patterson-UTI Energy by 2,744.5% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,645,931 shares of the oil and gas company’s stock valued at $17,052,000 after purchasing an additional 1,588,067 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the subject of a number of research reports. Piper Sandler decreased their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Barclays lowered their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Royal Bank of Canada dropped their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Friday, October 25th. Susquehanna reduced their price target on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a report on Friday, October 11th. Finally, StockNews.com downgraded Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $11.88.

Patterson-UTI Energy Trading Down 3.3 %

Shares of PTEN stock opened at $7.42 on Friday. The business’s 50 day moving average is $8.21 and its two-hundred day moving average is $9.59. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 12 month low of $7.38 and a 12 month high of $13.14. The company has a market cap of $2.89 billion, a PE ratio of -3.39 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be issued a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 4.31%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -14.61%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.