Allspring Global Investments Holdings LLC Sells 218,974 Shares of Patterson-UTI Energy, Inc. $PTEN

Allspring Global Investments Holdings LLC lowered its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 5.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,601,806 shares of the oil and gas company’s stock after selling 218,974 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.95% of Patterson-UTI Energy worth $23,304,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PTEN. Quarry LP boosted its stake in shares of Patterson-UTI Energy by 360.3% in the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after buying an additional 3,862 shares during the last quarter. Versant Capital Management Inc lifted its holdings in Patterson-UTI Energy by 127.3% in 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. Aster Capital Management DIFC Ltd purchased a new position in Patterson-UTI Energy in the third quarter worth about $37,000. Blue Trust Inc. boosted its position 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 worth $47,000 after purchasing an additional 2,717 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 7,171 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

PTEN stock opened at $10.61 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $11.75. The business has a 50 day simple moving average of $9.14 and a two-hundred day simple moving average of $7.14. The company has a market capitalization of $4.03 billion, a price-to-earnings ratio of -42.44 and a beta of 0.57.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.09. The firm had revenue of $1.15 billion for 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 revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter last year, the business posted ($0.13) earnings per share. Research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.8%. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, March 2nd. Patterson-UTI Energy’s payout ratio is presently -160.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PTEN shares. Piper Sandler upped their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. 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. Stifel Nicolaus upped their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 6th. Citigroup increased their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Finally, Royal Bank Of Canada lifted their price target 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 equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $8.11.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 2.40% of the company’s stock.

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.