Patterson-UTI Energy, Inc. (PTEN) Short Interest Up 1.0% in May

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the recipient of a large growth in short interest in the month of May. As of May 31st, there was short interest totalling 19,411,015 shares, a growth of 1.0% from the May 15th total of 19,216,305 shares. Based on an average daily volume of 4,933,103 shares, the days-to-cover ratio is currently 3.9 days.

Patterson-UTI Energy (PTEN) opened at 19.45 on Thursday. Patterson-UTI Energy has a 12 month low of $17.61 and a 12 month high of $29.76. The firm’s market cap is $3.21 billion. The firm’s 50-day moving average price is $21.21 and its 200-day moving average price is $25.05.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, April 27th. The oil and gas company reported ($0.42) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.44) by $0.02. The firm had revenue of $305.20 million during the quarter, compared to analyst estimates of $294.82 million. Patterson-UTI Energy had a negative net margin of 32.74% and a negative return on equity of 13.10%. The company’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.48) EPS. On average, equities research analysts expect that Patterson-UTI Energy will post ($1.06) EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 22nd. Shareholders of record on Thursday, June 8th will be paid a $0.02 dividend. The ex-dividend date of this dividend is Tuesday, June 6th. This represents a $0.08 annualized dividend and a yield of 0.41%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -3.83%.

A number of large investors have recently bought and sold shares of PTEN. Gideon Capital Advisors Inc. purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at approximately $413,000. Elkfork Partners LLC purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at approximately $205,000. Gabelli Funds LLC raised its stake in Patterson-UTI Energy by 12.9% in the fourth quarter. Gabelli Funds LLC now owns 179,500 shares of the oil and gas company’s stock valued at $4,832,000 after buying an additional 20,500 shares during the period. Marshall Wace LLP purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at approximately $12,699,000. Finally, Royce & Associates LP raised its stake in Patterson-UTI Energy by 11.6% in the fourth quarter. Royce & Associates LP now owns 293,000 shares of the oil and gas company’s stock valued at $7,888,000 after buying an additional 30,500 shares during the period. Hedge funds and other institutional investors own 85.20% of the company’s stock.

Several analysts have issued reports on the company. Instinet raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating and lifted their price target for the company from $26.00 to $31.00 in a research note on Wednesday, April 5th. Jefferies Group LLC reissued a “buy” rating and issued a $32.00 price target (down previously from $35.00) on shares of Patterson-UTI Energy in a research note on Wednesday, May 3rd. Seaport Global Securities downgraded Patterson-UTI Energy from a “buy” rating to a “neutral” rating and dropped their price target for the company from $29.00 to $21.00 in a research note on Wednesday. Zacks Investment Research raised Patterson-UTI Energy from a “hold” rating to a “buy” rating and set a $26.00 price target on the stock in a research note on Thursday, April 27th. Finally, Nomura raised Patterson-UTI Energy from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 5th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating and seventeen have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $27.80.

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Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “NASDAQ:PTEN”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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