Patterson-UTI Energy, Inc. $PTEN Shares Purchased by Public Sector Pension Investment Board

Public Sector Pension Investment Board raised its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 14.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,367,213 shares of the oil and gas company’s stock after acquiring an additional 169,816 shares during the quarter. Public Sector Pension Investment Board owned approximately 0.36% of Patterson-UTI Energy worth $7,082,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Sourcerock Group LLC increased its holdings in shares of Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Norges Bank acquired a new stake in Patterson-UTI Energy during the second quarter valued at $25,987,000. Holocene Advisors LP increased its holdings in Patterson-UTI Energy by 7,113.3% in the second quarter. Holocene Advisors LP now owns 3,336,066 shares of the oil and gas company’s stock valued at $19,783,000 after buying an additional 3,289,817 shares in the last quarter. American Century Companies Inc. increased its holdings in Patterson-UTI Energy by 23.4% in 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. Finally, Monaco Asset Management SAM raised its position in shares of Patterson-UTI Energy by 694.8% in the second quarter. Monaco Asset Management SAM now owns 3,060,000 shares of the oil and gas company’s stock worth $18,146,000 after acquiring an additional 2,675,000 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PTEN. JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Piper Sandler boosted their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Citigroup increased their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $8.00.

Patterson-UTI Energy Trading Down 2.2%

Shares of PTEN stock opened at $7.92 on Wednesday. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $9.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64. The stock’s fifty day moving average is $6.99 and its two-hundred day moving average is $6.19. The firm has a market capitalization of $3.01 billion, a P/E ratio of -31.68 and a beta of 0.76.

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. The business had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.13) earnings per share. Research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Monday, March 2nd. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s payout ratio is currently -160.00%.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction that occurred 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 in the company, valued at $1,215,090. The trade was a 64.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.40% of the stock is owned by company insiders.

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.