American Century Companies Inc. Raises Stake in Patterson-UTI Energy, Inc. $PTEN

American Century Companies Inc. boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 7.9% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,599,294 shares of the oil and gas company’s stock after purchasing an additional 1,135,704 shares during the quarter. American Century Companies Inc. owned about 4.11% of Patterson-UTI Energy worth $80,804,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in PTEN. Tejara Capital Ltd grew its stake in shares of Patterson-UTI Energy by 65.1% in the 3rd quarter. Tejara Capital Ltd now owns 554,993 shares of the oil and gas company’s stock worth $2,875,000 after buying an additional 218,856 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in Patterson-UTI Energy by 71.9% in the third quarter. New York State Teachers Retirement System now owns 551,671 shares of the oil and gas company’s stock worth $2,858,000 after acquiring an additional 230,800 shares in the last quarter. AXQ Capital LP purchased a new stake in shares of Patterson-UTI Energy in the second quarter worth $577,000. Vise Technologies Inc. bought a new position in shares of Patterson-UTI Energy during the second quarter valued at $353,000. Finally, Campbell & CO Investment Adviser LLC purchased a new position in shares of Patterson-UTI Energy in the 3rd quarter worth about $1,461,000. Institutional investors 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 stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the transaction, the director owned 207,000 shares in the company, valued at $1,215,090. This represents a 64.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts recently commented on PTEN shares. JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Stifel Nicolaus upped 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 note on Friday, February 6th. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Finally, Royal Bank Of Canada increased their target price 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. Four equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $8.00.

Patterson-UTI Energy Trading Up 0.1%

NASDAQ:PTEN opened at $8.83 on Wednesday. The company has a market cap of $3.35 billion, a PE ratio of -35.32 and a beta of 0.71. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The company has a 50 day simple moving average of $7.47 and a two-hundred day simple moving average of $6.40. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $9.00.

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

Patterson-UTI Energy Increases Dividend

The company also recently declared 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. The ex-dividend date is Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.5%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio is presently -160.00%.

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.