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

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Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of unusually large options trading on Friday. Stock investors acquired 4,708 call options on the stock. This represents an increase of 821% compared to the typical daily volume of 511 call options.

NASDAQ PTEN opened at $9.06 on Friday. The stock has a market capitalization of $1.95 billion, a P/E ratio of -4.25 and a beta of 2.98. Patterson-UTI Energy has a 52-week low of $4.98 and a 52-week high of $11.27. The firm has a 50-day moving average price of $8.62 and a 200 day moving average price of $8.64. The company has a quick ratio of 1.50, a current ratio of 1.60 and a debt-to-equity ratio of 0.52.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Thursday, October 28th. The oil and gas company reported ($0.44) earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of ($0.44). The company had revenue of $357.89 million during the quarter, compared to analysts’ expectations of $352.03 million. Patterson-UTI Energy had a negative net margin of 35.92% and a negative return on equity of 21.31%. The firm’s quarterly revenue was up 72.8% compared to the same quarter last year. During the same period last year, the company posted ($0.60) earnings per share. On average, equities research analysts expect that Patterson-UTI Energy will post -1.91 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 16th. Shareholders of record on Thursday, December 2nd will be issued a $0.02 dividend. The ex-dividend date of this dividend is Wednesday, December 1st. This represents a $0.08 dividend on an annualized basis and a dividend yield of 0.88%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -3.76%.

Several research firms have recently commented on PTEN. Barclays lifted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company an “overweight” rating in a research report on Monday, October 25th. Morgan Stanley raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $10.00 to $12.00 in a research report on Monday, December 6th. Citigroup raised shares of Patterson-UTI Energy from a “neutral” rating to a “buy” rating and set a $11.00 price target on the stock in a research report on Thursday. Royal Bank of Canada lifted their price target on shares of Patterson-UTI Energy from $11.00 to $12.00 and gave the company a “sector perform” rating in a research report on Friday, October 29th. Finally, Bank of America raised shares of Patterson-UTI Energy from an “underperform” rating to a “buy” rating and lifted their price target for the company from $9.25 to $10.50 in a research report on Tuesday, November 2nd. One research analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $9.72.

Several institutional investors and hedge funds have recently made changes to their positions in PTEN. Geode Capital Management LLC increased its stake in Patterson-UTI Energy by 9.0% during the 2nd quarter. Geode Capital Management LLC now owns 3,380,625 shares of the oil and gas company’s stock worth $33,603,000 after buying an additional 277,805 shares during the period. Kahn Brothers Group Inc. DE boosted its stake in Patterson-UTI Energy by 3.6% during the 2nd quarter. Kahn Brothers Group Inc. DE now owns 5,831,515 shares of the oil and gas company’s stock valued at $57,965,000 after purchasing an additional 201,351 shares during the period. Macquarie Group Ltd. boosted its stake in Patterson-UTI Energy by 23.7% during the 2nd quarter. Macquarie Group Ltd. now owns 9,491,538 shares of the oil and gas company’s stock valued at $94,346,000 after purchasing an additional 1,818,457 shares during the period. Squarepoint Ops LLC bought a new stake in shares of Patterson-UTI Energy during the 2nd quarter worth about $194,000. Finally, Wedge Capital Management L L P NC raised its position in shares of Patterson-UTI Energy by 23.3% during the 3rd quarter. Wedge Capital Management L L P NC now owns 18,877 shares of the oil and gas company’s stock worth $170,000 after buying an additional 3,570 shares in the last quarter. Institutional investors own 92.57% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to major and independent oil and natural gas operators.

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