Stanley Laman Group Ltd. Increases Stake in Patterson-UTI Energy, Inc. $PTEN

Stanley Laman Group Ltd. grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 24.9% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 426,282 shares of the oil and gas company’s stock after purchasing an additional 85,104 shares during the period. Stanley Laman Group Ltd. owned about 0.11% of Patterson-UTI Energy worth $2,208,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in PTEN. State of Wyoming acquired a new position in shares of Patterson-UTI Energy in the 1st quarter valued at $54,000. Vident Advisory LLC raised its position in shares of Patterson-UTI Energy by 25.5% in the first quarter. Vident Advisory LLC now owns 15,241 shares of the oil and gas company’s stock worth $125,000 after acquiring an additional 3,097 shares during the period. Royal Bank of Canada raised its position in shares of Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after acquiring an additional 32,622 shares during the period. AQR Capital Management LLC boosted its stake in shares of Patterson-UTI Energy by 197.3% during the 1st quarter. AQR Capital Management LLC now owns 1,424,589 shares of the oil and gas company’s stock worth $11,710,000 after acquiring an additional 945,373 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Patterson-UTI Energy by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock valued at $1,904,000 after acquiring an additional 10,142 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PTEN. Royal Bank Of Canada upped their price target on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Tudor Pickering downgraded Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Barclays reissued an “equal weight” rating and issued a $6.00 price target (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Finally, Zacks Research raised shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Three analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average price target of $7.28.

Patterson-UTI Energy Stock Up 5.9%

Shares of PTEN opened at $6.47 on Monday. The stock has a 50 day moving average price of $6.04 and a 200 day moving average price of $5.88. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $9.57. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of -17.97 and a beta of 0.72.

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

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Monday, December 1st. Patterson-UTI Energy’s dividend payout ratio is currently -88.89%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the sale, the director owned 207,000 shares in the company, valued at approximately $1,215,090. This represents a 64.02% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.

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.