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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) was the target of unusually large options trading on Thursday. Traders purchased 32,419 put options on the stock. This represents an increase of 240% compared to the typical daily volume of 9,545 put options.

Patterson-UTI Energy Stock Down 2.3 %

Shares of PTEN traded down $0.27 on Thursday, reaching $11.26. The company's stock had a trading volume of 5,560,434 shares, compared to its average volume of 6,526,500. The company has a current ratio of 1.41, a quick ratio of 1.24 and a debt-to-equity ratio of 0.26. Patterson-UTI Energy has a twelve month low of $9.70 and a twelve month high of $16.17. The stock has a market capitalization of $4.54 billion, a PE ratio of 11.15, a PEG ratio of 1.68 and a beta of 2.21. The firm has a fifty day moving average of $11.75 and a 200-day moving average of $11.61.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, February 14th. The oil and gas company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. Patterson-UTI Energy had a net margin of 5.94% and a return on equity of 10.00%. The company had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.50 billion. Equities analysts predict that Patterson-UTI Energy will post 0.6 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend was Thursday, February 29th. Patterson-UTI Energy's dividend payout ratio is currently 31.68%.

Analyst Ratings Changes

A number of research firms recently commented on PTEN. Bank of America reduced their price target on Patterson-UTI Energy from $14.50 to $14.00 and set a "buy" rating for the company in a report on Monday, April 15th. Susquehanna reiterated a "positive" rating and issued a $16.00 price target on shares of Patterson-UTI Energy in a research note on Monday, April 8th. StockNews.com downgraded shares of Patterson-UTI Energy from a "hold" rating to a "sell" rating in a research report on Tuesday, April 2nd. Benchmark downgraded shares of Patterson-UTI Energy from a "buy" rating to a "hold" rating in a research report on Tuesday, January 16th. Finally, Royal Bank of Canada lowered their price objective on shares of Patterson-UTI Energy from $17.00 to $16.00 and set an "outperform" rating for the company in a research report on Friday, February 16th. One analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of "Moderate Buy" and an average price target of $16.17.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the transaction, the director now directly owns 2,473,239 shares in the company, valued at $29,011,093.47. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of Patterson-UTI Energy

A number of hedge funds have recently made changes to their positions in PTEN. Grace & White Inc. NY increased its position in shares of Patterson-UTI Energy by 28.2% in the first quarter. Grace & White Inc. NY now owns 36,400 shares of the oil and gas company's stock valued at $435,000 after acquiring an additional 8,000 shares during the period. Simplicity Wealth LLC bought a new stake in Patterson-UTI Energy during the first quarter worth about $218,000. Seven Grand Managers LLC bought a new position in shares of Patterson-UTI Energy in the first quarter worth approximately $2,388,000. Raymond James & Associates lifted its stake in shares of Patterson-UTI Energy by 46.7% in the first quarter. Raymond James & Associates now owns 928,414 shares of the oil and gas company's stock worth $11,085,000 after buying an additional 295,471 shares in the last quarter. Finally, Oak Harvest Investment Services bought a new position in shares of Patterson-UTI Energy in the first quarter worth approximately $128,000. 97.91% of the stock is owned by institutional investors.

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.