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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw unusually large options trading on Friday. Investors purchased 140,770 put options on the stock. This represents an increase of 1,249% compared to the average daily volume of 10,433 put options.

Patterson-UTI Energy Trading Up 3.8 %

Shares of PTEN opened at $8.68 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.32 and a current ratio of 1.52. Patterson-UTI Energy has a 52-week low of $7.38 and a 52-week high of $12.65. The firm has a market cap of $3.38 billion, a price-to-earnings ratio of -3.96 and a beta of 2.12. The business’s fifty day moving average is $8.11 and its 200-day moving average is $9.28.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 2nd will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 3.69%. Patterson-UTI Energy’s dividend payout ratio is currently -14.61%.

Hedge Funds Weigh In On Patterson-UTI Energy

Several large investors have recently bought and sold shares of PTEN. InTrack Investment Management Inc grew its position in shares of Patterson-UTI Energy by 3.2% in the 2nd quarter. InTrack Investment Management Inc now owns 32,950 shares of the oil and gas company’s stock valued at $341,000 after buying an additional 1,037 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in shares of 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 valued at $25,000 after purchasing an additional 1,307 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Patterson-UTI Energy by 7.2% during the third quarter. CIBC Asset Management Inc now owns 22,336 shares of the oil and gas company’s stock worth $171,000 after buying an additional 1,501 shares during the period. KBC Group NV raised its stake in Patterson-UTI Energy by 18.5% during the third quarter. KBC Group NV now owns 11,044 shares of the oil and gas company’s stock worth $84,000 after buying an additional 1,723 shares during the last quarter. Finally, Sage Rhino Capital LLC lifted its holdings in Patterson-UTI Energy by 15.8% in the second quarter. Sage Rhino Capital LLC now owns 12,623 shares of the oil and gas company’s stock valued at $131,000 after buying an additional 1,724 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on PTEN. Stifel Nicolaus lowered their target price on Patterson-UTI Energy from $15.00 to $14.00 and set a “buy” rating for the company in a report on Friday, October 11th. StockNews.com lowered Patterson-UTI Energy from a “hold” rating to a “sell” rating in a report on Saturday, October 12th. Susquehanna decreased their price objective on shares of Patterson-UTI Energy from $13.00 to $10.00 and set a “positive” rating on the stock in a report on Friday, October 11th. ATB Capital dropped their price objective on shares of Patterson-UTI Energy from $12.00 to $11.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 4th. Finally, Barclays decreased their price objective on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and an average price target of $11.88.

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.