Traders Purchase High Volume of Put Options on Patterson-UTI Energy (NASDAQ:PTEN)

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the recipient of some unusual options trading on Thursday. Investors bought 281,353 put options on the company. This is an increase of approximately 3,345% compared to the average daily volume of 8,166 put options.

Patterson-UTI Energy Stock Down 3.3 %

Shares of PTEN stock opened at $7.42 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.52 and a quick ratio of 1.32. Patterson-UTI Energy has a one year low of $7.38 and a one year high of $13.14. The company’s fifty day moving average price is $8.21 and its 200-day moving average price is $9.59. The company has a market capitalization of $2.89 billion, a price-to-earnings ratio of -3.39 and a beta of 2.12.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.31%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of recent research reports. Raymond James dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set a “strong-buy” rating on the stock in a research note on Friday, October 25th. Susquehanna cut their price target 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. Barclays decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Bank of America cut their target price on Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating on the stock in a research report on Monday, July 15th. Finally, Citigroup lowered their price target on Patterson-UTI Energy from $11.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, three have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Moderate Buy” and a consensus target price of $11.88.

Institutional Investors Weigh In On Patterson-UTI Energy

Several institutional investors have recently modified their holdings of PTEN. Hexagon Capital Partners LLC increased its stake in Patterson-UTI Energy by 119.5% in the 2nd quarter. Hexagon Capital Partners LLC now owns 2,401 shares of the oil and gas company’s stock worth $25,000 after buying an additional 1,307 shares during the period. Massmutual Trust Co. FSB ADV boosted its position in shares of Patterson-UTI Energy by 250.4% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 4,320 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 3,087 shares in the last quarter. Fidelis Capital Partners LLC purchased a new stake in shares of Patterson-UTI Energy during the first quarter worth about $56,000. CWM LLC lifted its stake in shares of Patterson-UTI Energy by 49.9% during the second quarter. CWM LLC now owns 6,043 shares of the oil and gas company’s stock worth $63,000 after buying an additional 2,012 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of Patterson-UTI Energy by 25.0% in the third quarter. Blue Trust Inc. now owns 9,498 shares of the oil and gas company’s stock worth $73,000 after purchasing an additional 1,901 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

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.