Traders Buy Large Volume of Patterson-UTI Energy Put Options (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTENGet Rating) saw some unusual options trading activity on Monday. Investors purchased 10,531 put options on the stock. This is an increase of approximately 359% compared to the typical volume of 2,296 put options.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PTEN. Piper Sandler raised their price objective on shares of Patterson-UTI Energy to $24.00 in a report on Tuesday, November 1st. Morgan Stanley raised their price objective on shares of Patterson-UTI Energy from $21.00 to $22.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 1st. TheStreet raised shares of Patterson-UTI Energy from a “d+” rating to a “c” rating in a report on Thursday, November 10th. StockNews.com upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, November 1st. Finally, Barclays raised their price objective on shares of Patterson-UTI Energy from $24.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, October 28th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $21.50.

Patterson-UTI Energy Price Performance

PTEN traded down $1.73 on Monday, reaching $16.85. The company had a trading volume of 81,568 shares, compared to its average volume of 3,389,288. The company has a fifty day moving average of $15.30 and a 200-day moving average of $15.53. The company has a market capitalization of $3.65 billion, a P/E ratio of -12.01 and a beta of 2.39. The company has a current ratio of 1.55, a quick ratio of 1.43 and a debt-to-equity ratio of 0.52. Patterson-UTI Energy has a one year low of $6.70 and a one year high of $20.53.

Patterson-UTI Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Investors of record on Thursday, December 1st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date is Wednesday, November 30th. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.04. Patterson-UTI Energy’s dividend payout ratio is currently -11.19%.

Insider Activity at Patterson-UTI Energy

In other news, insider James Michael Holcomb sold 8,333 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $16.00, for a total value of $133,328.00. Following the completion of the sale, the insider now owns 348,109 shares of the company’s stock, valued at approximately $5,569,744. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders sold 83,334 shares of company stock valued at $1,488,098. Corporate insiders own 2.70% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC grew its position in Patterson-UTI Energy by 194.6% in the 3rd quarter. CWM LLC now owns 2,224 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 1,469 shares in the last quarter. Neo Ivy Capital Management bought a new position in shares of Patterson-UTI Energy during the 3rd quarter valued at about $27,000. Rockefeller Capital Management L.P. boosted its position in shares of Patterson-UTI Energy by 79.7% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 2,905 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 1,288 shares in the last quarter. CI Investments Inc. bought a new position in shares of Patterson-UTI Energy during the 1st quarter valued at about $39,000. Finally, Quadrant Capital Group LLC boosted its position in shares of Patterson-UTI Energy by 24.2% during the 3rd quarter. Quadrant Capital Group LLC now owns 7,361 shares of the oil and gas company’s stock valued at $86,000 after purchasing an additional 1,432 shares in the last quarter. Institutional investors own 99.72% of the company’s stock.

About Patterson-UTI Energy

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Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.

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