Short Interest in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Drops By 14.0%

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) was the target of a significant decrease in short interest in January. As of January 15th, there was short interest totaling 24,738,918 shares, a decrease of 14.0% from the December 31st total of 28,782,360 shares. Approximately 6.7% of the company’s stock are short sold. Based on an average trading volume of 12,580,721 shares, the short-interest ratio is currently 2.0 days. Based on an average trading volume of 12,580,721 shares, the short-interest ratio is currently 2.0 days. Approximately 6.7% of the company’s stock are short sold.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN traded up $0.22 during midday trading on Tuesday, reaching $7.81. The company’s stock had a trading volume of 10,527,012 shares, compared to its average volume of 11,231,123. The firm has a 50 day moving average price of $6.51 and a 200-day moving average price of $6.02. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. Patterson-UTI Energy has a 12-month low of $5.10 and a 12-month high of $9.30. The stock has a market capitalization of $2.96 billion, a P/E ratio of -21.69 and a beta of 0.75.

Insider Buying and Selling

In other news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the sale, the director owned 207,000 shares in the company, valued at $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Patterson-UTI Energy

Several institutional investors have recently added to or reduced their stakes in PTEN. Quarry LP raised its position in Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 3,862 shares during the period. Versant Capital Management Inc lifted its position in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 3,343 shares during the last quarter. First Horizon Corp increased its holdings in Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Patterson-UTI Energy in the 3rd quarter valued at about $37,000. Finally, Torren Management LLC purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at about $44,000. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. JPMorgan Chase & Co. restated an “underweight” rating and issued a $6.00 target price (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Barclays reaffirmed an “equal weight” rating and issued a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a research report on Monday, October 13th. Finally, Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average target price of $7.28.

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.