Citigroup Inc. Has $7.72 Million Stock Position in Patterson-UTI Energy, Inc. $PTEN

Citigroup Inc. boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,489,694 shares of the oil and gas company’s stock after buying an additional 139,561 shares during the quarter. Citigroup Inc. owned approximately 0.39% of Patterson-UTI Energy worth $7,717,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Royal Bank of Canada boosted its stake in shares of Patterson-UTI Energy by 23.7% in the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after purchasing an additional 32,622 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Patterson-UTI Energy by 4.6% in 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 purchasing an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Patterson-UTI Energy by 4.9% in 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 purchasing an additional 220,422 shares during the last quarter. United Services Automobile Association acquired a new stake in Patterson-UTI Energy in the first quarter valued at approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Patterson-UTI Energy by 3.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock worth $7,106,000 after buying an additional 30,217 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PTEN shares. Piper Sandler increased their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. 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 lifted their price target on Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Finally, Stifel Nicolaus lifted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Three investment 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 MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $8.00.

Patterson-UTI Energy Trading Up 1.2%

PTEN opened at $8.51 on Monday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $8.90. The company has a fifty day moving average of $7.36 and a 200-day moving average of $6.36. The stock has a market cap of $3.23 billion, a PE ratio of -34.04 and a beta of 0.71. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the company posted ($0.13) EPS. The business’s quarterly revenue was down 1.0% on a year-over-year basis. On average, sell-side analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be paid a $0.10 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.40 annualized dividend and a dividend yield of 4.7%. 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 -128.00%.

Insiders Place Their Bets

In other news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction dated 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 transaction, the director owned 207,000 shares in the company, valued at approximately $1,215,090. This 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 this link. Company insiders own 2.30% of the company’s stock.

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.