Patterson-UTI Energy Inc. (NASDAQ:PTEN) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 22,068,238 shares, a drop of 13.7% from the October 31st total of 25,580,582 shares. Based on an average trading volume of 3,227,948 shares, the days-to-cover ratio is currently 6.8 days. Currently, 15.2% of the shares of the company are sold short.
Several research analysts have recently issued reports on the stock. Citigroup Inc. dropped their price objective on shares of Patterson-UTI Energy from $22.00 to $21.00 and set a “neutral” rating on the stock in a report on Monday, September 12th. Nomura set a $18.00 price objective on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a report on Tuesday, August 16th. Jefferies Group restated a “buy” rating and set a $29.00 price objective on shares of Patterson-UTI Energy in a report on Wednesday, October 19th. Bank of America Corp. upgraded shares of Patterson-UTI Energy from an “underperform” rating to a “neutral” rating in a report on Tuesday, August 16th. Finally, Gabelli upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a report on Wednesday, September 14th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $20.46.
Shares of Patterson-UTI Energy (NASDAQ:PTEN) opened at 24.19 on Monday. The company’s market cap is $3.55 billion. Patterson-UTI Energy has a 52 week low of $10.94 and a 52 week high of $25.01. The firm has a 50-day moving average of $23.35 and a 200 day moving average of $20.78.
Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Thursday, October 27th. The company reported ($0.58) EPS for the quarter, beating the consensus estimate of ($0.60) by $0.02. Patterson-UTI Energy had a negative net margin of 29.69% and a negative return on equity of 12.24%. The firm had revenue of $206.10 million for the quarter, compared to analyst estimates of $205.31 million. During the same period last year, the firm earned ($0.26) EPS. The business’s quarterly revenue was down 51.2% compared to the same quarter last year. Equities analysts anticipate that Patterson-UTI Energy will post ($2.31) earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, December 22nd. Shareholders of record on Thursday, December 8th will be issued a $0.02 dividend. This represents a $0.08 annualized dividend and a yield of 0.33%. The ex-dividend date is Tuesday, December 6th. Patterson-UTI Energy’s dividend payout ratio is currently -3.92%.
A number of institutional investors have recently added to or reduced their stakes in PTEN. Commonwealth Equity Services Inc raised its position in Patterson-UTI Energy by 1.2% in the second quarter. Commonwealth Equity Services Inc now owns 12,932 shares of the company’s stock valued at $276,000 after buying an additional 150 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Patterson-UTI Energy during the second quarter worth $297,000. Macquarie Group Ltd. increased its stake in Patterson-UTI Energy by 16.5% in the second quarter. Macquarie Group Ltd. now owns 2,638,440 shares of the company’s stock worth $56,252,000 after buying an additional 374,120 shares during the last quarter. Prudential Financial Inc. increased its stake in Patterson-UTI Energy by 1.8% in the second quarter. Prudential Financial Inc. now owns 89,309 shares of the company’s stock worth $1,904,000 after buying an additional 1,600 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Patterson-UTI Energy by 87.4% in the second quarter. Principal Financial Group Inc. now owns 928,732 shares of the company’s stock worth $19,800,000 after buying an additional 433,035 shares during the last quarter.
Patterson-UTI Energy Company Profile