Dynamic Technology Lab Private Ltd Takes Position in Patterson-UTI Energy, Inc. $PTEN

Dynamic Technology Lab Private Ltd bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 191,501 shares of the oil and gas company’s stock, valued at approximately $992,000. Dynamic Technology Lab Private Ltd owned about 0.05% of Patterson-UTI Energy as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. The Manufacturers Life Insurance Company raised its stake in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after buying an additional 1,915 shares during the period. Blue Trust Inc. grew its stake in shares of Patterson-UTI Energy by 43.0% in the third quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 2,717 shares in the last quarter. Brucke Financial Inc. raised its stake in Patterson-UTI Energy by 16.6% in the 3rd quarter. Brucke Financial Inc. now owns 22,351 shares of the oil and gas company’s stock worth $116,000 after purchasing an additional 3,176 shares in the last quarter. Versant Capital Management Inc boosted its holdings in Patterson-UTI Energy by 127.3% in the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 3,343 shares during the period. Finally, Gallagher Fiduciary Advisors LLC grew its position in shares of Patterson-UTI Energy by 23.4% during the 2nd quarter. Gallagher Fiduciary Advisors LLC now owns 20,379 shares of the oil and gas company’s stock worth $121,000 after purchasing an additional 3,861 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction dated Thursday, December 18th. The stock was 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. The trade was a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.30% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ:PTEN opened at $8.97 on Monday. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $9.07. The stock has a market capitalization of $3.40 billion, a price-to-earnings ratio of -35.88 and a beta of 0.71. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46. The company’s 50 day simple moving average is $7.65 and its 200 day simple moving average is $6.48.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results 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. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations 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 quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the company earned ($0.13) earnings per share. As a group, research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS 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. Investors of record on Monday, March 2nd will be given a dividend of $0.10 per share. The ex-dividend date is Monday, March 2nd. This represents a $0.40 annualized dividend 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 currently -160.00%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Piper Sandler increased their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Stifel Nicolaus raised their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Royal Bank Of Canada upped their target price on Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Five analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $8.11.

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.