Patterson-UTI Energy, Inc. $PTEN Shares Sold by Boothbay Fund Management LLC

Boothbay Fund Management LLC reduced its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 10.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 555,767 shares of the oil and gas company’s stock after selling 61,988 shares during the period. Boothbay Fund Management LLC owned 0.15% of Patterson-UTI Energy worth $2,879,000 as of its most recent SEC filing.

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

Patterson-UTI Energy Price Performance

PTEN stock opened at $10.14 on Tuesday. The firm has a market cap of $3.85 billion, a P/E ratio of -40.56 and a beta of 0.71. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $10.46. The stock has a 50-day simple moving average of $8.08 and a 200-day simple moving average of $6.65.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS 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 for the quarter, compared to analyst estimates of $1.10 billion. During the same period in the previous year, the company posted ($0.13) EPS. Patterson-UTI Energy’s revenue for the quarter was down 1.0% on a year-over-year basis. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend was Monday, March 2nd. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio (DPR) is -160.00%.

Wall Street Analysts Forecast Growth

PTEN has been the topic of a number of research reports. Citigroup raised their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. 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 research report on Wednesday, December 10th. The Goldman Sachs Group raised their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Finally, Royal Bank Of Canada boosted their price objective on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy has a consensus rating of “Hold” and a consensus target price of $8.11.

Insider Transactions at Patterson-UTI Energy

In related news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction on 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 sale, the director owned 207,000 shares of the company’s stock, valued at $1,215,090. The trade was a 64.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.30% 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.