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

Key Points

• Unusual options activity: Traders purchased 4,884 PTEN call options, approximately 138% above the average volume of 2,054 contracts.
• Analyst sentiment is moderately bullish: Patterson-UTI Energy has a consensus “Moderate Buy” rating and an average price target of $12.95, compared with a recent price of $11.63.
• Insiders have been selling shares: Company insiders sold 363,670 shares worth about $4.2 million over the past 90 days, while institutional investors own 97.91% of the stock. The company also declared a quarterly dividend of $0.10 per share, yielding approximately 3.4% annually.

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) was the target of some unusual options trading on Monday. Stock traders purchased 4,884 call options on the company. This is an increase of approximately 138% compared to the average volume of 2,054 call options.

Analyst Ratings Changes

Several research firms have issued reports on PTEN. JPMorgan Chase & Co. upgraded Patterson-UTI Energy from an "underweight" rating to a "neutral" rating and set a $12.00 target price on the stock in a research report on Friday, July 31st. Citigroup reduced their price target on Patterson-UTI Energy from $11.00 to $10.50 and set a "neutral" rating for the company in a report on Monday, June 29th. Zacks Research upgraded Patterson-UTI Energy from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, July 29th. KeyCorp raised Patterson-UTI Energy to an "overweight" rating in a report on Wednesday, May 27th. Finally, Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an "outperform" rating in a research report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy presently has an average rating of "Moderate Buy" and a consensus price target of $12.95.

Insider Transactions at Patterson-UTI Energy

In related news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction on Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer directly owned 56,842 shares in the company, valued at $682,672.42. This trade represents a 19.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the completion of the sale, the chief executive officer directly owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. The trade was a 7.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 363,670 shares of company stock worth $4,212,677 over the last 90 days. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds have recently bought and sold shares of the company. Quarry LP boosted its position in Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company's stock worth $26,000 after purchasing an additional 3,862 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Patterson-UTI Energy in the 2nd quarter valued at about $32,000. First Horizon Corp increased its holdings in Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company's stock valued at $34,000 after acquiring an additional 2,049 shares in the last quarter. Rockefeller Capital Management L.P. increased its holdings in Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company's stock valued at $40,000 after acquiring an additional 4,299 shares in the last quarter. Finally, Torren Management LLC acquired a new position in Patterson-UTI Energy during the fourth quarter worth about $44,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

PTEN traded up $0.27 on Monday, hitting $11.63. 1,303,777 shares of the company were exchanged, compared to its average volume of 10,056,631. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.75. The firm has a market capitalization of $4.44 billion, a P/E ratio of -50.77 and a beta of 0.63. The business's fifty day moving average is $10.08 and its 200 day moving average is $10.18.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.4%. Patterson-UTI Energy's payout ratio is -173.91%.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company's core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source