Cwm LLC Increases Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Cwm LLC grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 218.1% during the fourth quarter, Holdings Channel reports. The firm owned 75,601 shares of the oil and gas company’s stock after purchasing an additional 51,837 shares during the period. Cwm LLC’s holdings in Patterson-UTI Energy were worth $462,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Quarry LP grew its position 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 valued at $26,000 after buying an additional 3,862 shares during the last quarter. Versant Capital Management Inc raised its stake in Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 3,343 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Patterson-UTI Energy in the third quarter valued at $37,000. EverSource Wealth Advisors LLC boosted its stake in Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 7,171 shares in the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Patterson-UTI Energy by 43.0% during 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. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PTEN. Citigroup lifted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Piper Sandler upped their target price on Patterson-UTI Energy from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. The Goldman Sachs Group lifted their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Susquehanna boosted their price objective on Patterson-UTI Energy from $10.00 to $13.00 and gave the company a “positive” rating in a research note on Tuesday, April 7th. Finally, Stifel Nicolaus increased their price objective on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $11.30.

Patterson-UTI Energy Stock Down 1.9%

PTEN stock opened at $11.99 on Friday. The company has a fifty day moving average price of $10.19 and a 200 day moving average price of $7.83. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $12.41. The company has a market cap of $4.55 billion, a price-to-earnings ratio of -38.68 and a beta of 0.57. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. The business’s revenue for the quarter was down 12.7% on a year-over-year basis. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.22 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.10 per share. The ex-dividend date is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.3%. Patterson-UTI Energy’s dividend payout ratio is presently -129.03%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the company’s stock in a transaction on Monday, March 16th. The shares were sold at an average price of $10.18, for a total transaction of $1,677,409.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.20% 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.