Traders Purchase High Volume of Call Options on Patterson-UTI Energy (PTEN)

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Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of some unusual options trading activity on Thursday. Stock traders acquired 7,769 call options on the company. This represents an increase of 2,821% compared to the average daily volume of 266 call options.

A number of research analysts recently weighed in on PTEN shares. BidaskClub lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “buy” rating in a research note on Friday, May 25th. Citigroup boosted their price target on shares of Patterson-UTI Energy from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Monday, April 30th. Societe Generale lowered shares of Patterson-UTI Energy from a “buy” rating to a “hold” rating and set a $22.00 price target for the company. in a research report on Thursday, April 19th. ValuEngine upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Wednesday, May 2nd. Finally, Cowen upgraded shares of Patterson-UTI Energy from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $23.00 to $26.00 in a research report on Friday, April 13th. Two analysts have rated the stock with a sell rating, five have given a hold rating and sixteen have assigned a buy rating to the company. Patterson-UTI Energy presently has an average rating of “Buy” and an average price target of $25.38.

Large investors have recently made changes to their positions in the stock. Millennium Management LLC grew its position in Patterson-UTI Energy by 601.6% in the fourth quarter. Millennium Management LLC now owns 4,059,127 shares of the oil and gas company’s stock worth $93,401,000 after acquiring an additional 3,480,569 shares in the last quarter. Castleark Management LLC grew its position in Patterson-UTI Energy by 40.2% in the fourth quarter. Castleark Management LLC now owns 586,795 shares of the oil and gas company’s stock worth $13,502,000 after acquiring an additional 168,165 shares in the last quarter. Allianz Asset Management GmbH purchased a new position in Patterson-UTI Energy in the fourth quarter worth $11,319,000. Tower Research Capital LLC TRC grew its position in Patterson-UTI Energy by 621.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,444 shares of the oil and gas company’s stock worth $194,000 after acquiring an additional 7,274 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in Patterson-UTI Energy by 0.7% in the first quarter. JPMorgan Chase & Co. now owns 8,532,080 shares of the oil and gas company’s stock worth $149,398,000 after acquiring an additional 57,683 shares in the last quarter. Institutional investors own 97.22% of the company’s stock.

Shares of Patterson-UTI Energy opened at $18.00 on Friday, Marketbeat Ratings reports. Patterson-UTI Energy has a 52-week low of $14.83 and a 52-week high of $25.03. The firm has a market capitalization of $4.15 billion, a P/E ratio of -22.50 and a beta of 1.19. The company has a quick ratio of 1.61, a current ratio of 1.73 and a debt-to-equity ratio of 0.28.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Thursday, April 26th. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.07). Patterson-UTI Energy had a negative return on equity of 3.54% and a net margin of 1.22%. The company had revenue of $809.16 million during the quarter, compared to analysts’ expectations of $793.39 million. During the same quarter last year, the firm posted ($0.40) earnings per share. The firm’s revenue was up 165.1% on a year-over-year basis. sell-side analysts predict that Patterson-UTI Energy will post -0.08 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, June 21st. Investors of record on Thursday, June 7th were given a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, June 6th. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.02. This represents a $0.16 annualized dividend and a yield of 0.89%. Patterson-UTI Energy’s payout ratio is -20.00%.

Patterson-UTI Energy Company Profile

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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