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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw some unusual options trading on Monday. Stock traders bought 281,924 put options on the stock. This represents an increase of 2,608% compared to the typical volume of 10,410 put options.

Patterson-UTI Energy Trading Down 6.7 %

NASDAQ PTEN traded down $0.65 on Monday, reaching $9.02. The company had a trading volume of 5,427,705 shares, compared to its average volume of 6,944,497. The stock’s 50 day moving average is $10.28 and its 200-day moving average is $10.95. The stock has a market cap of $3.55 billion, a price-to-earnings ratio of 13.29 and a beta of 2.18. The company has a quick ratio of 1.30, a current ratio of 1.50 and a debt-to-equity ratio of 0.27. Patterson-UTI Energy has a 52 week low of $8.94 and a 52 week high of $16.17.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be issued a $0.08 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $0.32 annualized dividend and a dividend yield of 3.55%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 47.06%.

Insider Activity

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the firm’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the transaction, the director now directly owns 2,007,895 shares in the company, valued at $23,191,187.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Fortitude Family Office LLC raised its stake in Patterson-UTI Energy by 320.7% in the first quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,594 shares during the period. Hexagon Capital Partners LLC raised its stake in Patterson-UTI Energy by 119.5% in the second quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 1,307 shares during the period. Lindbrook Capital LLC raised its stake in Patterson-UTI Energy by 66.5% in the first quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 1,332 shares during the period. Neo Ivy Capital Management bought a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $40,000. Finally, CWM LLC raised its stake in Patterson-UTI Energy by 28.5% in the first quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock valued at $48,000 after buying an additional 893 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on PTEN shares. Piper Sandler lowered their price target on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Evercore ISI lowered their price target on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Bank of America lowered their price target on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada lowered their price target on Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a report on Friday, July 26th. Finally, Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a report on Monday, May 6th. Four analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.77.

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.