Sourcerock Group LLC Takes Position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Sourcerock Group LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,724,000 shares of the oil and gas company’s stock, valued at approximately $14,240,000. Patterson-UTI Energy accounts for about 1.0% of Sourcerock Group LLC’s portfolio, making the stock its 20th largest position.

Several other large investors have also made changes to their positions in PTEN. Atria Investments Inc raised its position in Patterson-UTI Energy by 3.7% during the fourth quarter. Atria Investments Inc now owns 34,831 shares of the oil and gas company’s stock valued at $288,000 after purchasing an additional 1,252 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in shares of Patterson-UTI Energy by 31.4% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 5,678 shares of the oil and gas company’s stock valued at $47,000 after purchasing an additional 1,358 shares during the last quarter. Avantax Advisory Services Inc. increased its stake in shares of Patterson-UTI Energy by 10.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 15,698 shares of the oil and gas company’s stock valued at $130,000 after purchasing an additional 1,436 shares during the last quarter. Summit Investment Advisors Inc. raised its holdings in shares of Patterson-UTI Energy by 4.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 40,711 shares of the oil and gas company’s stock worth $336,000 after buying an additional 1,596 shares in the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in shares of Patterson-UTI Energy by 43.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 5,660 shares of the oil and gas company’s stock worth $46,000 after buying an additional 1,717 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PTEN. Barclays reduced their price objective on Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Stifel Nicolaus reduced their price target on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Susquehanna decreased their price target on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a report on Monday, April 14th. Morgan Stanley lowered their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating for the company in a research report on Friday. Finally, The Goldman Sachs Group cut their target price on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, April 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $10.14.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $6.11 on Monday. The firm has a market cap of $2.36 billion, a PE ratio of -2.47 and a beta of 1.33. The firm’s fifty day moving average is $6.68 and its 200-day moving average is $7.71. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.34 and a current ratio of 1.54. Patterson-UTI Energy, Inc. has a 52 week low of $5.12 and a 52 week high of $11.70.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.04. The business had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.18 billion. Patterson-UTI Energy had a positive return on equity of 0.81% and a negative net margin of 18.00%. Patterson-UTI Energy’s revenue for the quarter was down 15.2% compared to the same quarter last year. During the same period last year, the company earned $0.15 EPS. Sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Monday, June 2nd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 5.24%. The ex-dividend date of this dividend is Monday, June 2nd. Patterson-UTI Energy’s dividend payout ratio is presently -12.31%.

Insiders Place Their Bets

In related news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were acquired at an average cost of $7.88 per share, with a total value of $197,000.00. Following the completion of the purchase, the chief executive officer now directly owns 2,482,592 shares in the company, valued at $19,562,824.96. The trade was a 1.02% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James Carl Stewart sold 5,500 shares of the firm’s stock in a transaction on Friday, May 9th. The stock was sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the sale, the director now owns 999,754 shares of the company’s stock, valued at $5,978,528.92. The trade was a 0.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.40% of the company’s stock.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.