Patterson-UTI Energy Sees Unusually Large Options Volume (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of unusually large options trading activity on Friday. Stock investors bought 140,770 put options on the stock. This represents an increase of 1,249% compared to the typical volume of 10,433 put options.

Institutional Investors Weigh In On Patterson-UTI Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Patterson-UTI Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 46,595,620 shares of the oil and gas company’s stock worth $556,352,000 after acquiring an additional 1,554,020 shares during the period. UniSuper Management Pty Ltd purchased a new stake in shares of Patterson-UTI Energy during the 1st quarter valued at $990,000. CANADA LIFE ASSURANCE Co increased its holdings in shares of Patterson-UTI Energy by 25.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 497,262 shares of the oil and gas company’s stock valued at $5,931,000 after acquiring an additional 100,626 shares in the last quarter. Natixis acquired a new stake in Patterson-UTI Energy during the 1st quarter worth about $617,000. Finally, 1832 Asset Management L.P. raised its stake in shares of Patterson-UTI Energy by 9.5% in the first quarter. 1832 Asset Management L.P. now owns 172,949 shares of the oil and gas company’s stock worth $2,065,000 after purchasing an additional 15,000 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 3.8 %

PTEN opened at $8.68 on Friday. Patterson-UTI Energy has a 52 week low of $7.38 and a 52 week high of $12.65. The company has a quick ratio of 1.32, a current ratio of 1.52 and a debt-to-equity ratio of 0.35. The firm has a 50-day simple moving average of $8.11 and a two-hundred day simple moving average of $9.29. The company has a market capitalization of $3.38 billion, a PE ratio of -3.96 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a $0.08 dividend. The ex-dividend date is Monday, December 2nd. This represents a $0.32 annualized dividend and a yield of 3.69%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on PTEN shares. Raymond James reduced their price target on Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 25th. Barclays lowered their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. Morgan Stanley reduced their price target on Patterson-UTI Energy from $12.00 to $10.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Royal Bank of Canada reduced their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating for the company in a research note on Friday, October 25th. Finally, Stifel Nicolaus cut their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating on the stock in a research note on Friday, October 11th. One research analyst has rated the stock with a sell rating, three have given a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus target price of $11.88.

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.