Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Sees Large Drop in Short Interest

Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw a significant drop in short interest during the month of December. As of December 29th, there was short interest totalling 12,043,985 shares, a drop of 14.8% from the December 15th total of 14,139,032 shares. Based on an average daily volume of 2,425,982 shares, the days-to-cover ratio is presently 5.0 days. Currently, 5.5% of the shares of the company are short sold.

In other Patterson-UTI Energy news, Director Tiffany J. Thom sold 2,574 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The stock was sold at an average price of $23.08, for a total transaction of $59,407.92. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 4.60% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Gluskin Sheff & Assoc Inc. increased its stake in shares of Patterson-UTI Energy by 7.1% during the 2nd quarter. Gluskin Sheff & Assoc Inc. now owns 11,740 shares of the oil and gas company’s stock worth $237,000 after purchasing an additional 780 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Patterson-UTI Energy by 11.7% during the 2nd quarter. PNC Financial Services Group Inc. now owns 10,392 shares of the oil and gas company’s stock worth $210,000 after purchasing an additional 1,089 shares in the last quarter. Teton Advisors Inc. grew its stake in Patterson-UTI Energy by 2.7% in the 4th quarter. Teton Advisors Inc. now owns 84,839 shares of the oil and gas company’s stock worth $1,952,000 after acquiring an additional 2,193 shares during the period. Eqis Capital Management Inc. grew its stake in Patterson-UTI Energy by 12.4% in the 4th quarter. Eqis Capital Management Inc. now owns 20,497 shares of the oil and gas company’s stock worth $472,000 after acquiring an additional 2,265 shares during the period. Finally, World Asset Management Inc grew its stake in Patterson-UTI Energy by 22.5% in the 3rd quarter. World Asset Management Inc now owns 15,096 shares of the oil and gas company’s stock worth $316,000 after acquiring an additional 2,772 shares during the period. 97.86% of the stock is owned by institutional investors and hedge funds.

Shares of Patterson-UTI Energy (NASDAQ PTEN) traded down $1.52 on Friday, hitting $23.04. 4,390,000 shares of the stock were exchanged, compared to its average volume of 3,195,989. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.23 and a quick ratio of 1.16. Patterson-UTI Energy has a fifty-two week low of $14.83 and a fifty-two week high of $29.76.

Several brokerages have recently weighed in on PTEN. Jefferies Group set a $30.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Thursday, January 4th. Howard Weil upgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Piper Jaffray Companies set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “buy” rating in a research note on Tuesday, October 31st. BidaskClub upgraded shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday, January 13th. Finally, ValuEngine downgraded shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $27.16.

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About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company. The Company owns and operates a fleet of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company’s segments include Contract Drilling, Pressure Pumping and Other operations. The Contract Drilling segment markets its contract drilling services to independent and other oil and natural gas operators.

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