Patterson-UTI Energy, Inc. $PTEN Stock Holdings Trimmed by Deprince Race & Zollo Inc.

Deprince Race & Zollo Inc. lessened its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 18.9% during the third quarter, HoldingsChannel reports. The institutional investor owned 5,836,014 shares of the oil and gas company’s stock after selling 1,356,775 shares during the quarter. Deprince Race & Zollo Inc.’s holdings in Patterson-UTI Energy were worth $30,231,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in PTEN. Blue Trust Inc. raised its position in shares of Patterson-UTI Energy by 43.0% during the 3rd quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 2,717 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 7,171 shares during the period. State of Wyoming acquired a new stake in shares of Patterson-UTI Energy during the first quarter worth $54,000. Hudson Bay Capital Management LP bought a new position in shares of Patterson-UTI Energy in the 2nd quarter worth about $62,000. Finally, Smartleaf Asset Management LLC boosted its holdings in shares of Patterson-UTI Energy by 41.0% in the 1st quarter. Smartleaf Asset Management LLC now owns 7,983 shares of the oil and gas company’s stock valued at $65,000 after buying an additional 2,323 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling

In related news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the sale, the director directly owned 207,000 shares in the company, valued at approximately $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 2.40% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Susquehanna dropped their price objective on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating on the stock in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Wall Street Zen raised Patterson-UTI Energy from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 22nd. Finally, Royal Bank Of Canada raised their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.28.

Patterson-UTI Energy Stock Down 1.0%

PTEN opened at $5.85 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. The company has a market capitalization of $2.22 billion, a PE ratio of -16.25 and a beta of 0.77. The stock’s fifty day moving average is $6.05 and its 200-day moving average is $5.89. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%.The firm had revenue of $191.70 million for the quarter. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date was Monday, December 1st. Patterson-UTI Energy’s payout ratio is presently -88.89%.

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.