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Short Interest in Patterson-UTI Energy Drops 26.7% in March
The oil and gas company saw a significant decline in short positions last month.
Mar. 29, 2026 at 7:56pm
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Patterson-UTI Energy, Inc. (NASDAQ:PTEN) saw a 26.7% drop in short interest during March, with short positions declining from 41.5 million shares at the end of February to 30.4 million shares as of March 13. The decrease in short interest corresponds to an average daily trading volume of 12.8 million shares and a current days-to-cover ratio of 2.4 days, with 8.2% of the company's shares now sold short.
Why it matters
Changes in short interest can provide insights into investor sentiment and market expectations around a company's performance. The significant decline in short positions for Patterson-UTI Energy suggests that some traders are becoming more bullish on the oil and gas services firm, potentially in response to improved market conditions or the company's recent financial results.
The details
According to the data, the number of Patterson-UTI Energy shares sold short fell from 41,466,379 on February 26 to 30,414,994 as of March 13, a decrease of 26.7%. This corresponds to a days-to-cover ratio of 2.4 days based on the company's average daily trading volume of 12,796,477 shares. Currently, 8.2% of Patterson-UTI Energy's outstanding shares are being held short.
- As of March 13, 2026, there were 30,414,994 Patterson-UTI Energy shares sold short.
- On February 26, 2026, there were 41,466,379 Patterson-UTI Energy shares sold short.
The players
Patterson-UTI Energy, Inc.
An American oilfield services company that provides onshore contract drilling and pressure pumping services to exploration and production companies in North America.
The takeaway
The significant drop in short interest for Patterson-UTI Energy suggests that some investors are becoming more optimistic about the company's prospects, potentially signaling improved market conditions or confidence in the firm's recent financial performance. However, a sizable short position still remains, indicating that some traders continue to hold bearish views on the stock.
