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

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of some unusual options trading activity on Monday. Stock investors acquired 5,771 put options on the stock. This is an increase of approximately 109% compared to the average volume of 2,759 put options.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $9.17 on Wednesday. The business’s 50 day moving average price is $10.47 and its 200-day moving average price is $9.88. Patterson-UTI Energy has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The company has a market cap of $3.48 billion, a P/E ratio of -29.58 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on PTEN shares. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Citigroup cut their target price on Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating for the company in a research report on Monday, June 29th. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a research note on Monday, April 20th. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Finally, Morgan Stanley upped their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Nine research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Hold” and an average target price of $12.15.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Cesar Jaime sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares in the company, valued at $952,007.98. This represents a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the stock in a transaction on Friday, May 1st. The stock was sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the completion of the sale, the director directly owned 1,190,248 shares of the company’s stock, valued at approximately $14,330,585.92. This trade represents a 21.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 1,007,844 shares of company stock valued at $11,922,302. Insiders own 2.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Sourcerock Group LLC lifted its holdings in shares of Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after acquiring an additional 7,205,652 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after purchasing an additional 5,551,276 shares during the period. UBS Group AG grew its holdings in Patterson-UTI Energy by 121.2% during the 4th quarter. UBS Group AG now owns 8,320,544 shares of the oil and gas company’s stock valued at $50,839,000 after purchasing an additional 4,558,445 shares during the last quarter. Millennium Management LLC grew its holdings in Patterson-UTI Energy by 97.7% during the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock valued at $46,565,000 after purchasing an additional 4,442,700 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Patterson-UTI Energy by 92.6% in the 4th quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after purchasing an additional 4,093,636 shares during the period. Institutional investors own 97.91% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.

Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.