ARGA Investment Management LP Sells 7,235,578 Shares of Patterson-UTI Energy, Inc. $PTEN

ARGA Investment Management LP lessened its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 54.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,002,514 shares of the oil and gas company’s stock after selling 7,235,578 shares during the quarter. Patterson-UTI Energy accounts for approximately 0.8% of ARGA Investment Management LP’s portfolio, making the stock its 26th largest position. ARGA Investment Management LP owned about 1.56% of Patterson-UTI Energy worth $31,093,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Patterson-UTI Energy during the third quarter worth about $116,000. Envestnet Portfolio Solutions Inc. increased its holdings in Patterson-UTI Energy by 62.4% during the 3rd quarter. Envestnet Portfolio Solutions Inc. now owns 47,406 shares of the oil and gas company’s stock worth $246,000 after purchasing an additional 18,213 shares in the last quarter. Hara Capital LLC raised its stake in shares of Patterson-UTI Energy by 11.9% in the third quarter. Hara Capital LLC now owns 180,938 shares of the oil and gas company’s stock worth $937,000 after purchasing an additional 19,195 shares during the last quarter. Olympiad Research LP purchased a new stake in shares of Patterson-UTI Energy in the third quarter worth approximately $100,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Patterson-UTI Energy by 6.7% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 534,822 shares of the oil and gas company’s stock valued at $2,770,000 after purchasing an additional 33,794 shares in the last quarter. 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 368,254 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the transaction, the director owned 207,000 shares in the company, valued at $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.40% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Down 1.2%

PTEN stock opened at $7.30 on Friday. The stock has a market capitalization of $2.77 billion, a P/E ratio of -20.28 and a beta of 0.72. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.30. The business has a fifty day moving average price of $6.29 and a 200-day moving average price of $5.98.

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on PTEN shares. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Royal Bank Of Canada raised their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Barclays reissued an “equal weight” rating and issued a $6.00 target price (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Finally, Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Three equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average target price of $7.28.

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.