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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw unusually large options trading on Thursday. Investors purchased 281,353 put options on the company. This represents an increase of approximately 3,345% compared to the average daily volume of 8,166 put options.

Patterson-UTI Energy Price Performance

NASDAQ PTEN traded down $0.06 during trading on Thursday, hitting $7.79. 6,388,605 shares of the company’s stock were exchanged, compared to its average volume of 7,123,108. The stock’s 50 day moving average price is $8.27 and its two-hundred day moving average price is $9.63. Patterson-UTI Energy has a fifty-two week low of $7.45 and a fifty-two week high of $13.14. The company has a current ratio of 1.52, a quick ratio of 1.32 and a debt-to-equity ratio of 0.34. The company has a market cap of $3.06 billion, a PE ratio of -3.58 and a beta of 2.12.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Monday, December 2nd will be given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.11%. The ex-dividend date of this dividend is Monday, December 2nd. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several hedge funds and other institutional investors have recently bought and sold shares of PTEN. InTrack Investment Management Inc increased its position in shares of Patterson-UTI Energy by 3.2% during the second quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after acquiring an additional 1,037 shares during the last quarter. Hexagon Capital Partners LLC grew its position in shares of Patterson-UTI Energy by 119.5% during the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 1,307 shares in the last quarter. Sage Rhino Capital LLC raised its holdings in shares of Patterson-UTI Energy by 15.8% in the 2nd quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock valued at $131,000 after acquiring an additional 1,724 shares in the last quarter. Sequoia Financial Advisors LLC boosted its stake in Patterson-UTI Energy by 10.6% in the third quarter. Sequoia Financial Advisors LLC now owns 19,548 shares of the oil and gas company’s stock worth $150,000 after buying an additional 1,879 shares in the last quarter. Finally, Blue Trust Inc. grew its position in Patterson-UTI Energy by 25.0% during the 3rd quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after acquiring an additional 1,901 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PTEN. Stifel Nicolaus cut their target price on shares of Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a research note on Friday, October 11th. Barclays lowered their target price on shares of 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. ATB Capital decreased their price target on Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 4th. Citigroup cut their price objective on Patterson-UTI Energy from $12.50 to $11.00 and set a “buy” rating for the company in a research report on Friday, September 13th. Finally, StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research report on Saturday, October 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average price target of $11.96.

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.