Grace & White Inc. NY Has $275,000 Holdings in Patterson-UTI Energy, Inc. $PTEN

Grace & White Inc. NY decreased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 87.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,400 shares of the oil and gas company’s stock after selling 180,000 shares during the quarter. Grace & White Inc. NY’s holdings in Patterson-UTI Energy were worth $275,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PTEN. Royal Bank of Canada boosted its stake in shares of Patterson-UTI Energy by 23.7% in the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after purchasing an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Patterson-UTI Energy by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after buying an additional 10,142 shares during the period. Goldman Sachs Group Inc. raised its stake in Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after buying an additional 220,422 shares during the last quarter. United Services Automobile Association bought a new position in Patterson-UTI Energy during the first quarter worth $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after buying an additional 30,217 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research analyst reports. The Goldman Sachs Group upped their price target on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Morgan Stanley upped their target price on Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Finally, Stifel Nicolaus boosted their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, June 16th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $12.40.

Insider Activity at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total value of $2,328,000.00. Following the transaction, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at approximately $29,594,397.36. This trade represents a 7.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of Patterson-UTI Energy stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $12.02, for a total value of $738,929.50. Following the transaction, the director owned 1,128,773 shares of the company’s stock, valued at $13,567,851.46. This trade represents a 5.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 over the last quarter. 2.20% of the stock is currently owned by company insiders.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $9.59 on Friday. The business’s fifty day moving average is $11.35 and its 200 day moving average is $9.33. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The stock has a market cap of $3.64 billion, a P/E ratio of -30.93 and a beta of 0.61.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. Sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.14 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -129.03%.

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.