Stanley Laman Group Ltd. Raises Stake in Patterson-UTI Energy, Inc. $PTEN

Stanley Laman Group Ltd. grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 24.9% in the third quarter, Holdings Channel reports. The fund owned 426,282 shares of the oil and gas company’s stock after purchasing an additional 85,104 shares during the period. Stanley Laman Group Ltd.’s holdings in Patterson-UTI Energy were worth $2,208,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of PTEN. American Century Companies Inc. grew its holdings in shares of Patterson-UTI Energy by 23.4% in the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock valued at $85,769,000 after purchasing an additional 2,746,159 shares during the period. Sourcerock Group LLC grew its stake in shares of Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after buying an additional 7,205,652 shares during the period. ARGA Investment Management LP grew its stake in shares of Patterson-UTI Energy by 3.5% in the 2nd quarter. ARGA Investment Management LP now owns 13,238,092 shares of the oil and gas company’s stock valued at $78,502,000 after buying an additional 453,519 shares during the period. Bank of America Corp DE increased its holdings in shares of Patterson-UTI Energy by 1.5% during the 2nd quarter. Bank of America Corp DE now owns 5,710,369 shares of the oil and gas company’s stock worth $33,862,000 after buying an additional 82,817 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Patterson-UTI Energy by 4.9% during the 1st 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 buying an additional 220,422 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $6.47 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.44. The company has a market cap of $2.45 billion, a P/E ratio of -17.97 and a beta of 0.72. The stock has a 50-day moving average of $6.04 and a two-hundred day moving average of $5.88. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.57.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. The business had revenue of $191.70 million during the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. As a group, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Shareholders 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 currently -88.89%.

Insider Activity at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the sale, the director owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. This represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PTEN has been the subject of several recent analyst reports. Barclays reissued an “equal weight” rating and set a $6.00 target price (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Zacks Research upgraded shares of Patterson-UTI Energy from a “strong sell” rating to a “hold” rating in a report on Thursday, September 25th. Royal Bank Of Canada lifted their price target on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the company an “outperform” rating in a research report on Friday, October 24th. JPMorgan Chase & Co. reissued an “underweight” rating and issued a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Finally, Tudor Pickering cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Three equities research analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target 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.