VestGen Advisors LLC increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN – Free Report) by 1,036.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 146,961 shares of the oil and gas company’s stock after acquiring an additional 134,034 shares during the quarter. VestGen Advisors LLC’s holdings in Patterson-UTI Energy were worth $1,605,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Miller Howard Investments Inc. NY purchased a new stake in Patterson-UTI Energy during the 3rd quarter worth approximately $2,786,000. Signaturefd LLC lifted its holdings in shares of Patterson-UTI Energy by 29.5% in the 3rd quarter. Signaturefd LLC now owns 14,428 shares of the oil and gas company’s stock valued at $158,000 after buying an additional 3,286 shares during the period. Citizens Financial Group Inc. RI acquired a new position in Patterson-UTI Energy in the third quarter valued at approximately $115,000. Yousif Capital Management LLC boosted its holdings in Patterson-UTI Energy by 5.6% during the third quarter. Yousif Capital Management LLC now owns 106,418 shares of the oil and gas company’s stock worth $1,162,000 after buying an additional 5,662 shares in the last quarter. Finally, Reyes Financial Architecture Inc. acquired a new stake in shares of Patterson-UTI Energy during the 3rd quarter valued at about $60,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.
Key Headlines Impacting Patterson-UTI Energy
Here are the key news stories impacting Patterson-UTI Energy this week:
- Positive Sentiment: Analysts raised their price targets: Royal Bank of Canada increased its target from $15 to $17 and maintained an “outperform” rating. Royal Bank of Canada recommendations
- Positive Sentiment: Barclays raised its target from $16 to $17 and maintained an “overweight” rating, while Susquehanna lifted its target from $13 to $15 and assigned a “positive” rating. The revisions imply further upside and reflect improving expectations for PTEN’s earnings and operating performance. Barclays recommendations Susquehanna recommendations
- Positive Sentiment: Q3 results beat expectations: Patterson-UTI reported earnings of $0.07 per share versus the $0.04 consensus estimate, while revenue rose 14.1% year over year to $1.34 billion, above the $1.31 billion forecast. Results also improved from a $0.10-per-share loss in the prior-year quarter. Patterson-UTI Q3 earnings results
- Positive Sentiment: Constructive outlook: Management expects approximately $150 million in fourth-quarter drilling-services adjusted gross profit and plans to keep 2026 capital expenditures below $600 million. The combination of profitability and capital discipline supports the bullish analyst view. Patterson-UTI Q4 outlook
- Neutral Sentiment: PTEN declared a quarterly dividend of $0.10 per share, or $0.40 annualized, representing a yield of approximately 3.2%. The dividend adds shareholder income, although the company continues to report a slightly negative net margin and return on equity.
Insider Activity
In other news, EVP Seth Wexler sold 120,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total transaction of $1,530,000.00. Following the completion of the sale, the executive vice president owned 404,582 shares in the company, valued at $5,158,420.50. This trade represents a 22.88% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director James Stewart sold 207,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $11.54, for a total transaction of $2,388,780.00. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,027,000 shares of company stock worth $12,698,780 over the last quarter. 2.20% of the stock is currently owned by corporate insiders.
Patterson-UTI Energy Trading Up 5.0%
Shares of PTEN stock opened at $13.32 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a twelve month low of $5.24 and a twelve month high of $13.39. The company’s 50-day moving average price is $11.89 and its 200-day moving average price is $10.52. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of -222.00 and a beta of 0.77.
Patterson-UTI Energy (NASDAQ:PTEN – Get Free Report) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The firm had revenue of $1.34 billion during the quarter, compared to analysts’ expectations of $1.31 billion. During the same period last year, the business earned ($0.10) earnings per share. Patterson-UTI Energy’s revenue was up 14.1% compared to the same quarter last year. As a group, equities analysts predict that Patterson-UTI Energy, Inc. will post 0.01 earnings per share for the current year.
Patterson-UTI Energy Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.40 annualized dividend and a dividend yield of 3.0%. Patterson-UTI Energy’s dividend payout ratio is -173.91%.
Analyst Upgrades and Downgrades
PTEN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised shares of Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target on the stock in a research note on Friday, July 31st. UBS Group assumed coverage on shares of Patterson-UTI Energy in a report on Friday, October 2nd. They set a “neutral” rating and a $13.00 price objective on the stock. Susquehanna lifted their price objective on Patterson-UTI Energy from $13.00 to $15.00 and gave the stock a “positive” rating in a report on Friday. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Finally, Royal Bank Of Canada increased their price target on Patterson-UTI Energy from $15.00 to $17.00 and gave the company an “outperform” rating in a report on Friday. Nine research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target of $13.59.
About Patterson-UTI Energy
Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.
The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.
Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.
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