ARGA Investment Management LP Trims Stake in Patterson-UTI Energy, Inc. $PTEN

ARGA Investment Management LP cut its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 54.7% during the third quarter, Holdings Channel.com reports. The firm owned 6,002,514 shares of the oil and gas company’s stock after selling 7,235,578 shares during the period. Patterson-UTI Energy makes up 0.8% of ARGA Investment Management LP’s holdings, making the stock its 26th biggest holding. ARGA Investment Management LP’s holdings in Patterson-UTI Energy were worth $31,093,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Royal Bank of Canada grew 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 purchasing an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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 buying an additional 10,142 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Patterson-UTI Energy by 4.9% in 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 purchasing an additional 220,422 shares in the last quarter. United Services Automobile Association acquired a new position in shares of Patterson-UTI Energy during the 1st quarter worth approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Patterson-UTI Energy by 3.6% in 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 valued at $7,106,000 after purchasing an additional 30,217 shares during the period. 97.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the 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 in the company, valued at approximately $1,215,090. This represents a 64.02% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. 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. Royal Bank Of Canada increased their target price on shares of Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $6.00 price objective (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Tudor Pickering lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Finally, Barclays reiterated an “equal weight” rating and issued a $6.00 price objective (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Monday, October 13th. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus target price of $7.28.

Patterson-UTI Energy Trading Down 1.2%

Shares of Patterson-UTI Energy stock opened at $7.30 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $9.30. The company has a quick ratio of 1.44, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. The company’s 50-day simple moving average is $6.29 and its 200-day simple moving average is $5.98. The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -20.28 and a beta of 0.72.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, October 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%.The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. The business’s revenue for the quarter was down 13.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Company 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.