Campbell & CO Investment Adviser LLC Takes $1.46 Million Position in Patterson-UTI Energy, Inc. $PTEN

Campbell & CO Investment Adviser LLC acquired a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 282,004 shares of the oil and gas company’s stock, valued at approximately $1,461,000. Campbell & CO Investment Adviser LLC owned about 0.07% of Patterson-UTI Energy as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. American Century Companies Inc. boosted its position in Patterson-UTI Energy by 23.4% during the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock worth $85,769,000 after purchasing an additional 2,746,159 shares during the period. Sourcerock Group LLC boosted its holdings in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares during the period. ARGA Investment Management LP boosted its holdings in Patterson-UTI Energy by 3.5% in the 2nd quarter. ARGA Investment Management LP now owns 13,238,092 shares of the oil and gas company’s stock worth $78,502,000 after buying an additional 453,519 shares during the period. Bank of America Corp DE grew its stake in Patterson-UTI Energy by 1.5% in the 2nd quarter. Bank of America Corp DE now owns 5,710,369 shares of the oil and gas company’s stock valued at $33,862,000 after buying an additional 82,817 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Patterson-UTI Energy by 4.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after acquiring an additional 220,422 shares during the period. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Barclays reaffirmed an “equal weight” rating and issued a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a report on Monday, October 13th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Royal Bank Of Canada raised their price objective on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. Finally, Zacks Research raised shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a research note on Thursday, September 25th. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $7.28.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction that occurred 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 sale, the director owned 207,000 shares in the company, valued at approximately $1,215,090. This trade 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. Corporate insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $7.15 on Friday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $9.57. The stock has a market capitalization of $2.71 billion, a PE ratio of -19.86 and a beta of 0.72. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The firm’s 50 day moving average price is $6.17 and its 200-day moving average price is $5.94.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%.The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Patterson-UTI Energy’s quarterly revenue was down 13.4% on a year-over-year basis. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The business 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. The ex-dividend date was Monday, December 1st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 4.5%. Patterson-UTI Energy’s payout ratio is -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.