GSA Capital Partners LLP Increases Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

GSA Capital Partners LLP increased its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 148.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 173,169 shares of the oil and gas company’s stock after purchasing an additional 103,405 shares during the period. GSA Capital Partners LLP’s holdings in Patterson-UTI Energy were worth $1,058,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP grew its position in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares during the period. First Horizon Corp grew its position in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in Patterson-UTI Energy in the third quarter valued at $37,000. Torren Management LLC acquired a new position in Patterson-UTI Energy in the fourth quarter valued at $44,000. Finally, EverSource Wealth Advisors LLC boosted its holdings 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 during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $12.21 on Friday. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. The business has a 50-day moving average of $11.06 and a 200-day moving average of $8.41. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The company has a market capitalization of $4.64 billion, a price-to-earnings ratio of -39.39 and a beta of 0.64.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. The company’s revenue was down 12.7% compared to the same quarter last year. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.2 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

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

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the transaction, the director directly owned 1,190,248 shares of the company’s stock, valued at approximately $14,330,585.92. The trade was a 21.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the transaction, the director directly owned 77,462 shares in the company, valued at approximately $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 808,949 shares of company stock valued at $9,387,035. Corporate insiders own 2.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PTEN shares. Stifel Nicolaus lifted their target price on Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a report on Friday, April 24th. Susquehanna lifted their target price on Patterson-UTI Energy from $10.00 to $13.00 and gave the company a “positive” rating in a report on Tuesday, April 7th. The Goldman Sachs Group lifted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday, April 15th. Morgan Stanley lifted their target price on Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Finally, Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $11.80.

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.