Short Interest in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Drops By 12.8%

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

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock traded down $0.19 during trading hours on Monday, hitting $7.88. The stock had a trading volume of 8,923,099 shares, compared to its average volume of 8,301,810. Patterson-UTI Energy has a fifty-two week low of $7.15 and a fifty-two week high of $12.65. The company has a 50-day moving average of $8.26 and a two-hundred day moving average of $8.48. 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 company has a market cap of $3.07 billion, a PE ratio of -3.60 and a beta of 2.07.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 80,000 shares of the business’s stock in a transaction 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 $238,743.68. The trade was a 71.15 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On Patterson-UTI Energy

Large investors have recently made changes to their positions in the stock. Ieq Capital LLC raised its holdings in shares of Patterson-UTI Energy by 262.6% during the fourth quarter. Ieq Capital LLC now owns 43,618 shares of the oil and gas company’s stock valued at $360,000 after purchasing an additional 31,589 shares during the period. Kestra Investment Management LLC bought a new position in shares of Patterson-UTI Energy in the 4th quarter worth approximately $85,000. CIBC Asset Management Inc raised its position in shares of Patterson-UTI Energy by 62.9% during the fourth quarter. CIBC Asset Management Inc now owns 36,394 shares of the oil and gas company’s stock valued at $301,000 after buying an additional 14,058 shares during the last quarter. State of New Jersey Common Pension Fund D increased its position in shares of Patterson-UTI Energy by 22.7% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 258,836 shares of the oil and gas company’s stock valued at $2,138,000 after purchasing an additional 47,817 shares during the last quarter. Finally, Rhumbline Advisers boosted its position in Patterson-UTI Energy by 1.4% during the 4th quarter. Rhumbline Advisers now owns 1,653,493 shares of the oil and gas company’s stock valued at $13,658,000 after acquiring an additional 22,413 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on PTEN. Royal Bank of Canada reduced their target price on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a report on Friday, October 25th. Barclays reduced 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. 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 report on Monday, January 6th. Susquehanna reduced their price objective on Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating for the company in a research note on Friday, October 11th. Finally, StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $11.63.

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.