Patterson-UTI Energy (NASDAQ:PTEN) reported a rise of 6.5% or 1,142,131 shares in its short interest. The short figure came in at 13% of the total floats. The average daily volume of 3,761,934 shares suggests that the days to cover 18,857,929 short positions, as on June 15,2016, will be 5. On May 31,2016, the short interest was 17,715,798 shares. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 24th after market close.
Patterson-UTI Energy (NASDAQ:PTEN): The stock opened at $20.49 on Friday but the bulls could not build on the opening and the stock topped out at $21.04 for the day. The stock traded down to $20.30 during the day, due to lack of any buying support eventually closed down at $20.41 with a loss of -5.55% for the day. The stock had closed at $21.61 on the previous day. The total traded volume was 5,098,922 shares.
The company shares have rallied 8.68% from its 1 Year high price. On Jun 8, 2016, the shares registered one year high at $22.12 and the one year low was seen on Jan 20, 2016. The 50-Day Moving Average price is $19.21 and the 200 Day Moving Average price is recorded at $16.58.
Patterson-UTI Energy (NASDAQ:PTEN) has tumbled 2.67% during the past week, however, the bigger picture is still very bullish; the stocks have advanced and posted positive gains of 9.73% in the last four weeks. The stocks have underperformed the S&P 500 by 1.06% during the past week but Patterson-UTI Energy (NASDAQ:PTEN) it has outperformed the index in 4 weeks by 13.05%.
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.