Patterson-UTI Energy, Inc. $PTEN Shares Bought by Advisors Asset Management Inc.

Advisors Asset Management Inc. raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2,875.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 183,593 shares of the oil and gas company’s stock after acquiring an additional 177,422 shares during the period. Advisors Asset Management Inc.’s holdings in Patterson-UTI Energy were worth $951,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. American Century Companies Inc. lifted 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 valued at $85,769,000 after buying an additional 2,746,159 shares in the last quarter. Sourcerock Group LLC increased its position in shares of Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. ARGA Investment Management LP raised its stake in shares of 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 valued at $78,502,000 after acquiring an additional 453,519 shares during the period. Bank of America Corp DE lifted its holdings in shares of Patterson-UTI Energy by 1.5% during 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 acquiring an additional 82,817 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position 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 worth $39,024,000 after purchasing an additional 220,422 shares during the period. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction on 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 transaction, the director directly owned 207,000 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Stock Down 2.2%

PTEN stock opened at $7.92 on Wednesday. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of -31.68 and a beta of 0.76. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.25. The firm has a fifty day moving average price of $6.99 and a two-hundred day moving average price of $6.19. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the firm posted ($0.13) earnings per share. Patterson-UTI Energy’s quarterly revenue was down 1.0% compared to the same quarter last year. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Monday, March 2nd. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -160.00%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Stifel Nicolaus increased their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Royal Bank Of Canada upped their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Citigroup lifted their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Finally, Piper Sandler upped their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Three 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. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.00.

Patterson-UTI Energy 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.