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PTENPatterson-UTI Energy Inc

Options Analysis Report•DRILLING OIL & GAS WELLS
Market Cap $4.7B|NASDAQ
● 2026-08-28$12.43
VERY BULLISH
Analysis: 2026-08-27 EOD data
1Y +113.9%YTD +92.1%7D +0.7%
8,138
30D
±15.2%
7%

PTEN Options Overview

bullish flow with unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

6.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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PTEN Gamma Walls

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Value

Is IV priced right?

6.8
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 50.0% — elevated vs history

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

<1.1x

Front/Back 0.95x — contango

<1.25x

Put/Call IV 1.00x — normal

<80%

ATM IV 0.0% — normal range

<80%

Effective IV 29.2% (ATM 0.0% + spread 14.6% + bias) — excellent value

<3.0%

Total drag 20.99% (spread 14.61% + slippage 6.38%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 14.61%) — spread drag

Sentiment

Bullish or bearish?

8.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +67%, Raw: +60%)
|net sentiment| ≥25%

Conviction-weighted: +67% (strong bullish) — Raw: +60%

≥15%

|OI skew| 78.3% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +94.2%, OI skew +78.3% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +2%, ATM: +7%, OTM: +64% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 9% — very bullish vs sector

Activity

Unusual activity?

4.1
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 4.5% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change -14.2% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 77% — active vs sector

≥30%

Large trade volume 69% — heavy institutional

≥60%

Aggressive execution 37% — patient

≥30

Conviction +67 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

4.1
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed
≤5.0%

Spread 14.6% — wide

≥10,000

OI 182,459 — deep

≥500

Volume 8,138/day — active

≤$0.50

$0.73 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

≥100 contracts

Depth 1,227.7 contracts (bid:849.6 ask:378.1) — deep

<1.0%

Avg slippage 6.38% — poor

Timing

Is now a good time?

6.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -5.2% — contango

<30 or >70

IV percentile 50% — neutral

≥10pts kink

IV kink -2.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +67% @ 84% consistency — STRONG directional (bullish)

≥40 composite score

Score 99 (ITM 20% + inst 69%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls7.1
bullishIV cheap, bullish flow
Long Puts4.4
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.9
bullishIV too cheap, bullish flow
Covered Call3.2
bearishIV too cheap, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.