Mitsubishi UFJ Trust & Banking Corp Has $240,000 Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 34.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,539 shares of the oil and gas company’s stock after acquiring an additional 5,232 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Patterson-UTI Energy were worth $240,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Gamco Investors INC. ET AL raised its position in Patterson-UTI Energy by 2.3% during the 1st quarter. Gamco Investors INC. ET AL now owns 40,572 shares of the oil and gas company’s stock worth $628,000 after purchasing an additional 906 shares during the last quarter. Ronald Blue Trust Inc. raised its position in shares of Patterson-UTI Energy by 44.7% in the 1st quarter. Ronald Blue Trust Inc. now owns 3,191 shares of the oil and gas company’s stock worth $54,000 after acquiring an additional 986 shares in the last quarter. Captrust Financial Advisors raised its position in shares of Patterson-UTI Energy by 4.5% in the 3rd quarter. Captrust Financial Advisors now owns 23,229 shares of the oil and gas company’s stock worth $271,000 after acquiring an additional 1,004 shares in the last quarter. Mraz Amerine & Associates Inc. raised its position in shares of Patterson-UTI Energy by 5.5% in the 1st quarter. Mraz Amerine & Associates Inc. now owns 24,418 shares of the oil and gas company’s stock worth $286,000 after acquiring an additional 1,278 shares in the last quarter. Finally, Mariner LLC raised its position in shares of Patterson-UTI Energy by 2.3% in the 4th quarter. Mariner LLC now owns 71,188 shares of the oil and gas company’s stock worth $1,199,000 after acquiring an additional 1,626 shares in the last quarter. 97.91% of the stock is owned by institutional investors.

Patterson-UTI Energy Price Performance

PTEN stock opened at $14.01 on Friday. The company has a market capitalization of $2.91 billion, a P/E ratio of 8.76, a price-to-earnings-growth ratio of 0.26 and a beta of 2.36. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.61 and a current ratio of 1.76. Patterson-UTI Energy, Inc. has a 52-week low of $9.70 and a 52-week high of $19.81. The business has a 50-day simple moving average of $13.92 and a two-hundred day simple moving average of $12.71.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, July 26th. The oil and gas company reported $0.40 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.04). The company had revenue of $758.89 million for the quarter, compared to analyst estimates of $781.73 million. Patterson-UTI Energy had a net margin of 11.28% and a return on equity of 21.22%. Patterson-UTI Energy’s revenue for the quarter was up 22.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.05 EPS. Research analysts expect that Patterson-UTI Energy, Inc. will post 1.48 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 21st. Shareholders of record on Thursday, September 7th will be paid a dividend of $0.08 per share. The ex-dividend date is Wednesday, September 6th. This represents a $0.32 dividend on an annualized basis and a yield of 2.28%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently 20.00%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PTEN. Benchmark raised Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Morgan Stanley reissued an “overweight” rating and issued a $20.00 price objective on shares of Patterson-UTI Energy in a research report on Monday, July 31st. Piper Sandler boosted their target price on Patterson-UTI Energy from $17.00 to $19.00 and gave the company an “overweight” rating in a research report on Monday, July 31st. Capital One Financial started coverage on Patterson-UTI Energy in a research report on Wednesday, June 28th. They issued an “equal weight” rating and a $14.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $19.00 target price on shares of Patterson-UTI Energy in a research report on Monday, July 31st. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $16.57.

Insider Transactions at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $14.06, for a total value of $1,406,000.00. Following the transaction, the chief executive officer now owns 2,086,874 shares in the company, valued at approximately $29,341,448.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the business’s stock in a transaction that occurred on Thursday, July 13th. The stock was sold at an average price of $14.06, for a total value of $1,406,000.00. Following the transaction, the chief executive officer now owns 2,086,874 shares in the company, valued at approximately $29,341,448.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 18th. The stock was sold at an average price of $14.84, for a total value of $2,968,000.00. Following the completion of the transaction, the chief executive officer now owns 1,886,874 shares in the company, valued at approximately $28,001,210.16. The disclosure for this sale can be found here. Insiders have sold 319,564 shares of company stock worth $4,665,785 in the last 90 days. Insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc engages in the provision of drilling and pressure pumping services, directional drilling, rental equipment, and technology. It operates through the following segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its services to oil and natural gas operators in the United States and Colombia.