Short Interest in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Grows By 8.7%

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of a significant increase in short interest in May. As of May 31st, there was short interest totalling 12,323,400 shares, an increase of 8.7% from the April 30th total of 11,338,400 shares. Based on an average daily trading volume, of 3,650,000 shares, the days-to-cover ratio is currently 3.4 days. Approximately 5.9% of the company’s stock are sold short.

PTEN has been the subject of several recent analyst reports. Royal Bank of Canada decreased their target price on Patterson-UTI Energy to $21.00 and set an “outperform” rating for the company in a research note on Tuesday, June 18th. ValuEngine cut Zosano Pharma from a “buy” rating to a “hold” rating in a research note on Wednesday, May 1st. Wells Fargo & Co reiterated a “buy” rating on shares of Helmerich & Payne in a research note on Thursday, June 27th. BidaskClub upgraded Zillow Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, July 2nd. Finally, Morgan Stanley raised to an “overweight” rating and set a GBX 400 ($5.23) target price on the stock in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and fifteen have issued a buy rating to the company. Patterson-UTI Energy presently has an average rating of “Buy” and an average target price of $18.31.

Patterson-UTI Energy stock traded up $0.05 during trading hours on Friday, hitting $11.61. The stock had a trading volume of 3,035,768 shares, compared to its average volume of 3,821,069. The company has a quick ratio of 1.69, a current ratio of 1.82 and a debt-to-equity ratio of 0.33. Patterson-UTI Energy has a 1-year low of $9.49 and a 1-year high of $18.39. The firm has a fifty day simple moving average of $11.28. The company has a market cap of $2.41 billion, a PE ratio of -34.15 and a beta of 1.43.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, April 25th. The oil and gas company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.21) by $0.07. The firm had revenue of $704.17 million for the quarter, compared to the consensus estimate of $694.10 million. Patterson-UTI Energy had a negative return on equity of 1.89% and a negative net margin of 9.80%. The firm’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.16) earnings per share. On average, research analysts expect that Patterson-UTI Energy will post -0.77 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 20th. Stockholders of record on Thursday, June 6th were issued a $0.04 dividend. The ex-dividend date of this dividend was Wednesday, June 5th. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.38%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -47.06%.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Patterson-UTI Energy by 1.6% in the 4th quarter. BlackRock Inc. now owns 20,781,163 shares of the oil and gas company’s stock worth $215,084,000 after purchasing an additional 320,994 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Patterson-UTI Energy by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,584,682 shares of the oil and gas company’s stock valued at $99,202,000 after buying an additional 1,191,714 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Patterson-UTI Energy by 1.0% in the fourth quarter. Van ECK Associates Corp now owns 8,973,708 shares of the oil and gas company’s stock valued at $92,878,000 after buying an additional 89,403 shares in the last quarter. Macquarie Group Ltd. grew its stake in shares of Patterson-UTI Energy by 37.1% in the fourth quarter. Macquarie Group Ltd. now owns 6,383,533 shares of the oil and gas company’s stock valued at $66,069,000 after buying an additional 1,726,924 shares in the last quarter. Finally, Prudential PLC grew its stake in shares of Patterson-UTI Energy by 6.9% in the fourth quarter. Prudential PLC now owns 5,412,104 shares of the oil and gas company’s stock valued at $56,015,000 after buying an additional 347,200 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling segment markets its contract drilling services primarily in west Texas and southeastern New Mexico, north central and east Texas, northern Louisiana, Colorado, Wyoming, North Dakota, south Texas, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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