Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Short Interest Up 31.6% in February

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of a significant growth in short interest in February. As of February 27th, there was short interest totaling 41,466,379 shares, a growth of 31.6% from the February 12th total of 31,502,882 shares. Based on an average trading volume of 8,203,940 shares, the short-interest ratio is currently 5.1 days. Currently, 11.2% of the shares of the stock are short sold. Currently, 11.2% of the shares of the stock are short sold. Based on an average trading volume of 8,203,940 shares, the short-interest ratio is currently 5.1 days.

Patterson-UTI Energy Trading Up 4.5%

NASDAQ PTEN traded up $0.44 during trading hours on Friday, hitting $10.29. 16,886,587 shares of the company were exchanged, compared to its average volume of 10,295,626. Patterson-UTI Energy has a 52 week low of $5.10 and a 52 week high of $10.39. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The stock has a 50-day moving average price of $8.01 and a 200 day moving average price of $6.61. The stock has a market cap of $3.91 billion, a PE ratio of -41.16 and a beta of 0.71.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.09. The business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.13) earnings per share. Analysts forecast that Patterson-UTI Energy will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.9%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, March 2nd. Patterson-UTI Energy’s dividend payout ratio is -160.00%.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the transaction, the director owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. O Shaughnessy Asset Management LLC lifted its holdings in shares of Patterson-UTI Energy by 11.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after buying an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd grew its position in shares of Patterson-UTI Energy by 21.6% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after buying an additional 1,547 shares in the last quarter. Sage Rhino Capital LLC increased its stake in shares of Patterson-UTI Energy by 6.6% during the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock valued at $155,000 after buying an additional 1,575 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Patterson-UTI Energy by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after buying an additional 1,915 shares during the period. Finally, First Horizon Corp raised its holdings in shares of Patterson-UTI Energy by 58.5% in the fourth 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. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Stifel Nicolaus lifted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Piper Sandler boosted their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Finally, Royal Bank Of Canada raised their price target on Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.11.

About Patterson-UTI Energy

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.