Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Short Interest Update

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw a large decrease in short interest in January. As of January 15th, there was short interest totalling 24,350,000 shares, a decrease of 12.8% from the December 31st total of 27,940,000 shares. Based on an average daily trading volume, of 8,870,000 shares, the short-interest ratio is presently 2.7 days.

Patterson-UTI Energy Trading Down 2.4 %

Patterson-UTI Energy stock traded down $0.19 during trading on Monday, hitting $7.88. The company had a trading volume of 8,923,099 shares, compared to its average volume of 8,301,810. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of -3.60 and a beta of 2.07. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.35. Patterson-UTI Energy has a 1-year low of $7.15 and a 1-year high of $12.65. The company’s 50 day simple moving average is $8.27 and its 200-day simple moving average is $8.50.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 80,000 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $7.36, for a total transaction of $588,800.00. Following the transaction, the director now owns 32,438 shares in the company, valued at approximately $238,743.68. This represents a 71.15 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Institutional investors have recently modified their holdings of the company. AQR Capital Management LLC grew its position in Patterson-UTI Energy by 148.4% in the 2nd quarter. AQR Capital Management LLC now owns 478,405 shares of the oil and gas company’s stock valued at $4,956,000 after acquiring an additional 285,790 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Patterson-UTI Energy by 4.9% in the second quarter. The Manufacturers Life Insurance Company now owns 390,617 shares of the oil and gas company’s stock valued at $4,047,000 after purchasing an additional 18,337 shares in the last quarter. Algert Global LLC acquired a new position in shares of Patterson-UTI Energy in the second quarter worth $1,386,000. Creative Planning grew its stake in Patterson-UTI Energy by 32.1% during the 2nd quarter. Creative Planning now owns 64,635 shares of the oil and gas company’s stock worth $670,000 after purchasing an additional 15,696 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in Patterson-UTI Energy during the 2nd quarter worth about $486,000. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PTEN. Stifel Nicolaus lowered their price target on Patterson-UTI Energy from $14.00 to $13.00 and set a “buy” rating for the company in a research report on Monday, January 6th. StockNews.com downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Susquehanna lowered their price target on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. Barclays lowered their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Finally, Citigroup reduced their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $11.63.

Patterson-UTI Energy Company Profile

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.