Patterson-UTI Energy (PTEN): Price Target and June Short Interest Disclosure

Patterson-UTI Energy (PTEN) : The consensus price target for Patterson-UTI Energy (PTEN) is $21.44 for the short term with a standard deviation of $4.94. The most optimist securities analyst among the 18 who monitor the stock believes that the stock can reach $34, however, the pessimist price target for the company is $12.

Patterson-UTI Energy (PTEN) has witnessed a drop of 10.4% or 1,960,049 shares in its short figure. The short interest diminution took it from 18,857,929 on June 15,2016 to 16,897,880 on June 30,2016. In terms of floated shares, the short interest was calculated to be 11.7%. The days to cover are 5 given that the daily volume averaged 3,752,888 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 12th.

Also, Simmons & Co. upgrades its rating on Patterson-UTI Energy (NASDAQ:PTEN). Analysts at the Simmons & Co. have a current rating of Overweight on the shares. The shares were previously rated Neutral. The rating by the firm was issued on June 29, 2016.


Patterson-UTI Energy (NASDAQ:PTEN): stock turned positive on Thursday. Though the stock opened at $21.3, the bulls momentum made the stock top out at $21.64 level for the day. The stock recorded a low of $21.07 and closed the trading day at $21.07, in the green by 0.38%. The total traded volume for the day was 2,527,306. The stock had closed at $20.99 in the previous days trading.

Patterson-UTI Energy, Inc. owns and operates fleets of land-based drilling rigs and a fleet of pressure pumping equipment in the United States. The Company operates in three segments: Contract Drilling; Pressure Pumping, and Oil and Natural Gas. The Company markets its contract drilling services to oil and natural gas operators in the continental United States, and western and northern Canada. The Companys Pressure Pumping segment provides pressure pumping services to oil and natural gas operators in Texas, Southwest Region and the Appalachian region, Northeast Region. The Companys Oil and Natural Gas segment owns and invests in oil and natural gas assets as a non-operating working interest owner. The Companys oil and natural gas working interests are located in producing regions of Texas and New Mexico.

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