Xponance Inc. Has $245,000 Stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Xponance Inc. grew its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,845 shares of the oil and gas company’s stock after purchasing an additional 2,057 shares during the quarter. Xponance Inc.’s holdings in Patterson-UTI Energy were worth $245,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in PTEN. Sage Rhino Capital LLC boosted its stake in shares of Patterson-UTI Energy by 18.4% in the first quarter. Sage Rhino Capital LLC now owns 16,644 shares of the oil and gas company’s stock valued at $137,000 after buying an additional 2,585 shares during the period. Cerity Partners LLC boosted its stake in shares of Patterson-UTI Energy by 1.9% in the first quarter. Cerity Partners LLC now owns 1,346,541 shares of the oil and gas company’s stock valued at $11,069,000 after buying an additional 25,345 shares during the period. Quotient Wealth Partners LLC bought a new stake in shares of Patterson-UTI Energy in the first quarter valued at approximately $239,000. Garrett Wealth Advisory Group LLC bought a new stake in shares of Patterson-UTI Energy in the first quarter valued at approximately $518,000. Finally, ARGA Investment Management LP boosted its stake in shares of Patterson-UTI Energy by 25.2% in the first quarter. ARGA Investment Management LP now owns 12,784,573 shares of the oil and gas company’s stock valued at $105,089,000 after buying an additional 2,569,713 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 5,500 shares of the firm’s stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $5.98, for a total value of $32,890.00. Following the completion of the sale, the director directly owned 999,754 shares in the company, valued at $5,978,528.92. This trade represents a 0.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 2.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

PTEN has been the subject of several recent research reports. Stifel Nicolaus cut their price target on Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating for the company in a research note on Wednesday. Susquehanna cut their target price on Patterson-UTI Energy from $9.00 to $8.00 and set a “positive” rating for the company in a research note on Wednesday, June 4th. The Goldman Sachs Group cut their target price on Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Piper Sandler started coverage on Patterson-UTI Energy in a research note on Tuesday, July 15th. They set a “neutral” rating and a $7.00 target price for the company. Finally, JPMorgan Chase & Co. cut their target price on Patterson-UTI Energy from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Wednesday, May 28th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $8.77.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $5.94 on Friday. The company has a market capitalization of $2.29 billion, a price-to-earnings ratio of -2.28 and a beta of 1.32. Patterson-UTI Energy, Inc. has a twelve month low of $5.12 and a twelve month high of $11.07. The stock has a fifty day simple moving average of $6.06 and a 200 day simple moving average of $7.09. The company has a quick ratio of 1.40, a current ratio of 1.61 and a debt-to-equity ratio of 0.36.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative return on equity of 0.70% and a negative net margin of 19.78%. The firm had revenue of $1.28 billion during the quarter, compared to the consensus estimate of $1.18 billion. During the same period last year, the business posted $0.15 EPS. The business’s revenue was down 15.2% compared to the same quarter last year. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Monday, June 2nd were paid a $0.08 dividend. The ex-dividend date was Monday, June 2nd. This represents a $0.32 annualized dividend and a dividend yield of 5.39%. Patterson-UTI Energy’s dividend payout ratio is presently -12.31%.

Patterson-UTI Energy Company Profile

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.