Pingora Partners LLC boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) by 599.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 143,047 shares of the oil and gas company’s stock after buying an additional 122,600 shares during the quarter. Pingora Partners LLC’s holdings in Patterson-UTI Energy were worth $874,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. O Shaughnessy Asset Management LLC boosted its holdings in Patterson-UTI Energy by 11.4% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after purchasing an additional 1,420 shares in the last quarter. Sage Rhino Capital LLC boosted its holdings in shares of Patterson-UTI Energy by 6.6% in the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock valued at $155,000 after acquiring an additional 1,575 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after acquiring an additional 1,915 shares during the period. First Horizon Corp boosted its holdings in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after acquiring an additional 2,049 shares during the period. Finally, Wedge Capital Management L L P NC boosted its holdings in shares of Patterson-UTI Energy by 0.4% in the fourth quarter. Wedge Capital Management L L P NC now owns 567,060 shares of the oil and gas company’s stock valued at $3,465,000 after acquiring an additional 2,430 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on the company. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective for the company in a report on Monday, April 20th. Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. KeyCorp raised Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. Morgan Stanley increased their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Finally, Stifel Nicolaus increased their price objective on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $12.30.
Patterson-UTI Energy Price Performance
Patterson-UTI Energy stock opened at $11.49 on Monday. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The business has a 50 day simple moving average of $11.42 and a 200-day simple moving average of $9.07. The stock has a market capitalization of $4.36 billion, a PE ratio of -37.06 and a beta of 0.61.
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. Equities analysts predict that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current year.
Patterson-UTI Energy Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a $0.10 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.40 annualized dividend and a yield of 3.5%. Patterson-UTI Energy’s dividend payout ratio is presently -129.03%.
Insider Transactions at Patterson-UTI Energy
In other Patterson-UTI Energy news, Director Cesar Jaime sold 10,000 shares of the stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of the transaction, the director owned 77,462 shares in the company, valued at approximately $952,007.98. This represents a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. The trade was a 19.39% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,007,844 shares of company stock valued at $11,922,302 in the last three months. Insiders own 2.20% of the company’s stock.
Patterson-UTI Energy Profile
Patterson-UTI Energy provides a comprehensive suite of onshore contract drilling and pressure pumping services to exploration and production companies in North America. The company’s core offerings include land-based drilling rigs, directional drilling, hydraulic fracturing services, downhole tool rental and well-servicing equipment. By integrating drilling and completion capabilities, Patterson-UTI Energy offers operators a streamlined solution designed to improve operational efficiency and well performance.
Headquartered in Houston, Texas, Patterson-UTI Energy traces its origins to its founding in 1978 and was later incorporated in Delaware in 1996.
Featured Articles
- Five stocks we like better than Patterson-UTI Energy
- 3 ETFs Giving Ready-Made Access to the Discounted International Small-Cap Space
- What to Expect From Q2 Earnings as Tech Strength Broadens
- Viasat’s Orbiting Profits: Space Force Jackpot?
- Robinhood Wants a Bigger Role in IPOs—Here’s Why It Matters
Want to see what other hedge funds are holding PTEN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report).
Receive News & Ratings for Patterson-UTI Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Patterson-UTI Energy and related companies with MarketBeat.com's FREE daily email newsletter.
