Short Interest in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Expands By 9.5%

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw a large increase in short interest during the month of June. As of June 30th, there was short interest totalling 14,782,600 shares, an increase of 9.5% from the May 30th total of 13,496,400 shares. Approximately 7.1% of the shares of the company are short sold. Based on an average daily volume of 4,060,000 shares, the short-interest ratio is presently 3.6 days.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Oregon Public Employees Retirement Fund increased its holdings in Patterson-UTI Energy by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 86,723 shares of the oil and gas company’s stock worth $998,000 after acquiring an additional 1,221 shares in the last quarter. Parallel Advisors LLC increased its holdings in Patterson-UTI Energy by 129.0% in the 1st quarter. Parallel Advisors LLC now owns 2,382 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 1,342 shares in the last quarter. Ironwood Investment Management LLC increased its holdings in Patterson-UTI Energy by 16.3% in the 1st quarter. Ironwood Investment Management LLC now owns 13,490 shares of the oil and gas company’s stock worth $189,000 after acquiring an additional 1,889 shares in the last quarter. Captrust Financial Advisors purchased a new stake in Patterson-UTI Energy in the 4th quarter worth $25,000. Finally, Paloma Partners Management Co increased its holdings in Patterson-UTI Energy by 17.5% in the 4th quarter. Paloma Partners Management Co now owns 17,870 shares of the oil and gas company’s stock worth $185,000 after acquiring an additional 2,661 shares in the last quarter. Hedge funds and other institutional investors own 97.87% of the company’s stock.

Shares of NASDAQ PTEN opened at $11.61 on Tuesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 1.69 and a current ratio of 1.82. Patterson-UTI Energy has a 12 month low of $9.49 and a 12 month high of $18.39. The company’s 50 day simple moving average is $11.31. The firm has a market cap of $2.42 billion, a PE ratio of -34.15 and a beta of 1.43.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Thursday, April 25th. The oil and gas company reported ($0.14) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.07. Patterson-UTI Energy had a negative net margin of 9.80% and a negative return on equity of 1.89%. The business had revenue of $704.17 million during the quarter, compared to analysts’ expectations of $694.10 million. During the same period in the previous year, the business posted ($0.16) EPS. The business’s quarterly revenue was down 13.0% compared to the same quarter last year. Sell-side analysts forecast that Patterson-UTI Energy will post -0.79 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Thursday, June 20th. Investors of record on Thursday, June 6th were paid a $0.04 dividend. This represents a $0.16 annualized dividend and a dividend yield of 1.38%. The ex-dividend date was Wednesday, June 5th. Patterson-UTI Energy’s dividend payout ratio is currently -47.06%.

PTEN has been the topic of several research analyst reports. AltaCorp Capital reissued a “sector perform” rating on shares of STEP Energy Services in a research report on Thursday, June 20th. Raymond James set a $19.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research report on Friday. ValuEngine downgraded shares of Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Citigroup dropped their target price on shares of Western Digital from $63.00 to $59.00 and set a “buy” rating on the stock in a research report on Tuesday, April 30th. Finally, Wells Fargo & Co reissued a “buy” rating on shares of Helmerich & Payne in a research report on Thursday, June 27th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $18.19.

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 three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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