Deprince Race & Zollo Inc. Cuts Holdings in Patterson-UTI Energy, Inc. $PTEN

Deprince Race & Zollo Inc. lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,836,014 shares of the oil and gas company’s stock after selling 1,356,775 shares during the quarter. Deprince Race & Zollo Inc. owned 1.52% of Patterson-UTI Energy worth $30,231,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. HighTower Advisors LLC lifted its stake in shares of Patterson-UTI Energy by 29.6% in the 1st quarter. HighTower Advisors LLC now owns 24,411 shares of the oil and gas company’s stock valued at $201,000 after purchasing an additional 5,579 shares in the last quarter. Raymond James Financial Inc. increased its position in Patterson-UTI Energy by 50.4% during the 1st quarter. Raymond James Financial Inc. now owns 1,048,086 shares of the oil and gas company’s stock worth $8,615,000 after purchasing an additional 351,325 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in Patterson-UTI Energy by 79.4% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 10,568 shares of the oil and gas company’s stock valued at $87,000 after buying an additional 4,678 shares during the period. Smartleaf Asset Management LLC lifted its position in Patterson-UTI Energy by 41.0% during the first quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock valued at $65,000 after buying an additional 2,323 shares in the last quarter. Finally, Gamco Investors INC. ET AL grew its stake in Patterson-UTI Energy by 7.0% during the first quarter. Gamco Investors INC. ET AL now owns 96,511 shares of the oil and gas company’s stock worth $793,000 after buying an additional 6,321 shares during the period. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on PTEN shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 22nd. Susquehanna cut their price objective on Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, September 3rd. Tudor Pickering downgraded Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Royal Bank Of Canada increased their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Three investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $7.28.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the transaction, the director directly owned 207,000 shares in the company, valued at $1,215,090. This represents a 64.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.40% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Down 1.0%

Shares of NASDAQ PTEN opened at $5.85 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $9.57. The stock’s 50-day simple moving average is $6.05 and its 200-day simple moving average is $5.89. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of -16.25 and a beta of 0.77.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. The business had revenue of $191.70 million for the quarter. As a group, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.08 dividend. The ex-dividend date of this dividend was Monday, December 1st. This represents a $0.32 annualized dividend and a yield of 5.5%. Patterson-UTI Energy’s dividend payout ratio is currently -88.89%.

Patterson-UTI Energy Company 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.