Patterson-UTI Energy, Inc. $PTEN Stock Holdings Boosted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.2% during the third quarter, Holdings Channel reports. The institutional investor owned 3,820,780 shares of the oil and gas company’s stock after buying an additional 116,919 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Patterson-UTI Energy were worth $20,518,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in Patterson-UTI Energy by 11.9% in the 2nd quarter. GAMMA Investing LLC now owns 15,207 shares of the oil and gas company’s stock valued at $90,000 after acquiring an additional 1,615 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Patterson-UTI Energy by 0.5% in the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock worth $2,197,000 after buying an additional 1,915 shares during the last quarter. Somerset Trust Co increased its holdings in shares of Patterson-UTI Energy by 8.0% in the second quarter. Somerset Trust Co now owns 30,620 shares of the oil and gas company’s stock valued at $182,000 after buying an additional 2,275 shares in the last quarter. Brucke Financial Inc. lifted its position in shares of Patterson-UTI Energy by 14.4% during the 2nd quarter. Brucke Financial Inc. now owns 19,175 shares of the oil and gas company’s stock valued at $114,000 after acquiring an additional 2,417 shares during the last quarter. Finally, Yousif Capital Management LLC lifted its position in shares of Patterson-UTI Energy by 1.8% during the 2nd quarter. Yousif Capital Management LLC now owns 139,341 shares of the oil and gas company’s stock valued at $826,000 after acquiring an additional 2,492 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the sale, the director owned 207,000 shares of the company’s stock, valued at $1,215,090. The trade was a 64.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $6.47 on Monday. The company has a market cap of $2.45 billion, a P/E ratio of -17.97 and a beta of 0.72. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $9.57. The business’s 50 day moving average is $6.04 and its two-hundred day moving average is $5.88. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly 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 company had revenue of $191.70 million during the quarter. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 15th. Investors of record on Monday, December 1st were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Monday, December 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -88.89%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Royal Bank Of Canada lifted their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Barclays reaffirmed an “equal weight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Tudor Pickering downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Finally, Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Three analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $7.28.

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.