Patterson-UTI Energy, Inc. $PTEN Shares Acquired by Caxton Associates LLP

Caxton Associates LLP lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 941.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 426,117 shares of the oil and gas company’s stock after buying an additional 385,215 shares during the quarter. Caxton Associates LLP’s holdings in Patterson-UTI Energy were worth $4,615,000 as of its most recent filing with the SEC.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PTEN shares. Royal Bank Of Canada upped their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target on the stock in a research note on Monday, April 20th. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Morgan Stanley upped their price objective on shares of 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. Finally, Susquehanna lowered their target price on Patterson-UTI Energy from $14.00 to $12.00 and set a “positive” rating for the company in a research note on Wednesday, July 8th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $12.15.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the transaction, the chief operating officer directly owned 421,523 shares in the company, valued at $4,834,868.81. This represents a 26.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the firm’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $12.02, for a total transaction of $738,929.50. Following the transaction, the director directly owned 1,128,773 shares of the company’s stock, valued at approximately $13,567,851.46. This represents a 5.16% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 over the last ninety days. 2.20% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Stock Performance

Patterson-UTI Energy stock opened at $10.34 on Friday. The stock has a market cap of $3.93 billion, a P/E ratio of -33.35 and a beta of 0.62. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The stock has a 50 day moving average of $10.66 and a 200-day moving average of $9.82. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08.

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

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.