Patterson-UTI Energy, Inc. $PTEN Stock Holdings Trimmed by GSA Capital Partners LLP

GSA Capital Partners LLP lessened its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 52.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 69,764 shares of the oil and gas company’s stock after selling 78,147 shares during the period. GSA Capital Partners LLP’s holdings in Patterson-UTI Energy were worth $361,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the company. Sourcerock Group LLC raised its position in shares of Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. Norges Bank acquired a new stake in shares of Patterson-UTI Energy during the second quarter worth $25,987,000. Holocene Advisors LP raised its holdings in shares of Patterson-UTI Energy by 7,113.3% during the second quarter. Holocene Advisors LP now owns 3,336,066 shares of the oil and gas company’s stock worth $19,783,000 after purchasing an additional 3,289,817 shares during the period. American Century Companies Inc. lifted its position in shares of Patterson-UTI Energy by 23.4% in the 2nd quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock worth $85,769,000 after buying an additional 2,746,159 shares during the last quarter. Finally, Monaco Asset Management SAM grew its position in shares of Patterson-UTI Energy by 694.8% during the 2nd quarter. Monaco Asset Management SAM now owns 3,060,000 shares of the oil and gas company’s stock valued at $18,146,000 after buying an additional 2,675,000 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors.

Insider Activity

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 completion of the transaction, the director directly owned 207,000 shares in the company, valued at $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.40% of the stock is owned by company insiders.

Patterson-UTI Energy Stock Up 0.8%

Shares of Patterson-UTI Energy stock opened at $8.41 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 $8.90. The business’s fifty day moving average price is $7.30 and its two-hundred day moving average price is $6.32. The company has a market capitalization of $3.19 billion, a P/E ratio of -33.64 and a beta of 0.76.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the company earned ($0.13) earnings per share. As a group, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The business also recently declared 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 of this dividend is Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.8%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -160.00%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on PTEN shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. 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. Royal Bank Of Canada boosted their price objective 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. JPMorgan Chase & Co. restated an “underweight” rating and set 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 increased their target price on 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. According to data from MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Hold” and an average price target of $8.00.

About Patterson-UTI Energy

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.