Patterson-UTI Energy, Inc. (PTEN) Gamma Exposure (GEX) & Greeks
Gamma exposure (GEX) analysis shows how options positioning creates dealer hedging pressure across strikes. Includes delta, vanna, charm, vomma, and vega exposure by strike price.
Patterson-UTI Energy, Inc. (PTEN) operates in the Energy sector, specifically the Oil & Gas Drilling industry, with a market capitalization near $4.56B, listed on NASDAQ, employing roughly 9,200 people, carrying a beta of 0.65 to the broader market. Patterson-UTI Energy, Inc. Led by William Andrew Hendricks Jr., public since 1993-11-02.
Snapshot as of May 15, 2026.
- Spot Price
- $12.36
- Net Gamma
- $1.4M
- Net Delta
- -$93.2M
- Net Vega
- -$254.7K
- Gamma Concentration
- 0.34
As of May 15, 2026, Patterson-UTI Energy, Inc. (PTEN) has positive net gamma exposure of $1.4M under the standard dealer-hedging convention. Net delta exposure is -$93.2M. Positive GEX means dealers are net long gamma: they buy into dips and sell into rallies, damping realized volatility and often causing price to pin near heavy open-interest strikes.
PTEN Strategy Sizing in the Current GEX Regime
Patterson-UTI Energy, Inc. is in a positive dealer-gamma regime ($1.4M). Net dealer delta of -$93.2M sets the size of the directional hedging flow that fires as spot moves. In this regime, mean-reverting strategies fit the regime: credit spreads, iron condors, covered calls near established ranges. Realized volatility tends to undershoot implied during positive-gamma stretches, supporting the short-vol structures. The gamma-flip level - the spot price at which net dealer gamma changes sign - is the most actionable anchor for sizing: through-flip moves trigger qualitatively different hedging behavior than within-regime moves, so risk-defined structures sized to the current spot may not stay sized correctly if a flip is near.
Learn how gamma exposure is reported and how to read the data →
PTEN largest gamma exposure contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| CALL | $12.00 | Aug 21, 2026 | 26 | 35.7K | 56.2% | $1.55 | $1.65 |
| CALL | $11.00 | Aug 21, 2026 | 15 | 37.2K | 58.6% | $2.10 | $2.20 |
Top 2 contracts from the ORATS-sourced nightly scan; ranked by gex within the broader S&P 500/400/600 + ETF universe.
Frequently asked PTEN gamma exposure (gex) & greeks questions
- What is the current PTEN gamma exposure (GEX)?
- As of May 15, 2026, Patterson-UTI Energy, Inc. (PTEN) net gamma exposure is positive at $1.4M under the standard dealer-hedging convention. Net dealer delta exposure is -$93.2M. GEX aggregates the gamma sitting on dealer books across all listed strikes and expirations.
- Is PTEN in positive or negative dealer gamma right now?
- PTEN is currently in positive dealer gamma. Dealers net long gamma buy underlying weakness and sell into rallies to maintain delta-neutrality, which dampens realized volatility and tends to pin price near heavy open-interest strikes.
- What does PTEN GEX tell options traders?
- GEX is a regime indicator: positive-gamma regimes favor mean-reverting strategies (premium-selling near established ranges); negative-gamma regimes favor momentum and breakout strategies. The same options-strategy structure can be appropriate or inappropriate depending on the dealer-gamma regime, so reading the sign and magnitude of net GEX before sizing positions is standard practice.