Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Sees Significant Increase in Short Interest

Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Get Free Report) was the recipient of a large increase in short interest in the month of May. As of May 31st, there was short interest totalling 36,900,000 shares, an increase of 33.3% from the May 15th total of 27,680,000 shares. Based on an average daily volume of 13,520,000 shares, the short-interest ratio is currently 2.7 days. Currently, 9.8% of the company's stock are short sold.

Patterson-UTI Energy Stock Down 1.4%

Shares of PTEN stock traded down $0.09 during trading hours on Friday, hitting $6.35. 18,234,684 shares of the company were exchanged, compared to its average volume of 10,002,031. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -2.44 and a beta of 1.31. Patterson-UTI Energy has a one year low of $5.12 and a one year high of $11.27. The business's 50-day simple moving average is $5.94 and its two-hundred day simple moving average is $7.33. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.40 and a current ratio of 1.61.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.04. The firm had revenue of $1.28 billion for the quarter, compared to analysts' expectations of $1.18 billion. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. Patterson-UTI Energy's revenue for the quarter was down 15.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.15 earnings per share. Sell-side analysts predict that Patterson-UTI Energy will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 5.04%. The ex-dividend date of this dividend was Monday, June 2nd. Patterson-UTI Energy's dividend payout ratio (DPR) is presently -12.31%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on PTEN shares. Citigroup reissued a "neutral" rating and set a $6.50 target price on shares of Patterson-UTI Energy in a research report on Monday, May 19th. Barclays dropped their price target on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. The Goldman Sachs Group decreased their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Susquehanna lowered their target price on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating for the company in a research note on Wednesday, June 4th. Finally, JPMorgan Chase & Co. cut their price target on Patterson-UTI Energy from $9.00 to $7.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 28th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $9.50.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the sale, the director now directly owns 999,754 shares in the company, valued at approximately $5,978,528.92. This trade represents a 0.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Patterson-UTI Energy

Hedge funds have recently added to or reduced their stakes in the business. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Patterson-UTI Energy by 89.1% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 16,954,738 shares of the oil and gas company's stock worth $140,046,000 after purchasing an additional 7,989,877 shares during the period. ARGA Investment Management LP grew its position in shares of Patterson-UTI Energy by 25.2% during the 1st quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company's stock valued at $105,089,000 after buying an additional 2,569,713 shares during the last quarter. American Century Companies Inc. grew its position in shares of Patterson-UTI Energy by 21.6% during the 1st quarter. American Century Companies Inc. now owns 11,717,431 shares of the oil and gas company's stock valued at $96,317,000 after buying an additional 2,080,960 shares during the last quarter. Norges Bank acquired a new stake in Patterson-UTI Energy during the fourth quarter worth about $52,817,000. Finally, Invesco Ltd. raised its stake in Patterson-UTI Energy by 27.8% during the fourth quarter. Invesco Ltd. now owns 6,208,086 shares of the oil and gas company's stock worth $51,279,000 after acquiring an additional 1,351,001 shares during the period. Institutional investors and hedge funds own 97.91% of the company's stock.

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.