Patterson-UTI Energy Sees Unusually High Options Volume (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw some unusual options trading activity on Friday. Stock traders purchased 140,770 put options on the company. This represents an increase of approximately 1,249% compared to the typical daily volume of 10,433 put options.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock traded up $0.45 during mid-day trading on Friday, reaching $8.81. 4,945,882 shares of the company’s stock traded hands, compared to its average volume of 7,188,416. Patterson-UTI Energy has a 12 month low of $7.38 and a 12 month high of $12.65. The firm has a 50 day moving average price of $8.09 and a two-hundred day moving average price of $9.30. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. The firm has a market capitalization of $3.44 billion, a PE ratio of -3.82 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 paid a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is -14.61%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PTEN. Hexagon Capital Partners LLC lifted its stake in shares of Patterson-UTI Energy by 119.5% during the 2nd 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 in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 3,087 shares in the last quarter. Covestor Ltd grew its stake in Patterson-UTI Energy by 92.4% in the 3rd quarter. Covestor Ltd now owns 6,885 shares of the oil and gas company’s stock worth $53,000 after acquiring an additional 3,307 shares in the last quarter. CWM LLC grew its stake in Patterson-UTI Energy by 49.9% in the 2nd quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 2,012 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in Patterson-UTI Energy by 25.0% in the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 1,901 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on PTEN. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Saturday, October 12th. ATB Capital reduced their price target on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research report on Wednesday, September 4th. Royal Bank of Canada dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Morgan Stanley lowered their price target on shares of Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Finally, Citigroup lowered their target price on shares of Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and a consensus target price of $11.88.

About Patterson-UTI Energy

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.