Advisors Asset Management Inc. Has $951,000 Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Advisors Asset Management Inc. increased its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2,875.1% during the third quarter, HoldingsChannel reports. The firm owned 183,593 shares of the oil and gas company’s stock after acquiring an additional 177,422 shares during the period. Advisors Asset Management Inc.’s holdings in Patterson-UTI Energy were worth $951,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Sourcerock Group LLC lifted 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 purchasing an additional 7,205,652 shares during the last quarter. Norges Bank bought a new position in Patterson-UTI Energy during the second quarter valued at about $25,987,000. Holocene Advisors LP lifted its position in shares of Patterson-UTI Energy by 7,113.3% in the second quarter. Holocene Advisors LP now owns 3,336,066 shares of the oil and gas company’s stock worth $19,783,000 after buying an additional 3,289,817 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Patterson-UTI Energy by 23.4% during the 2nd quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock worth $85,769,000 after acquiring an additional 2,746,159 shares in the last quarter. Finally, Monaco Asset Management SAM boosted its stake in shares of Patterson-UTI Energy by 694.8% during the 2nd quarter. Monaco Asset Management SAM now owns 3,060,000 shares of the oil and gas company’s stock worth $18,146,000 after acquiring an additional 2,675,000 shares in the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

PTEN has been the subject of several analyst reports. Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Citigroup boosted their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Piper Sandler raised their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $6.00 target price (down previously from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Finally, Stifel Nicolaus boosted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Hold” and an average price target of $8.00.

Patterson-UTI Energy Stock Down 2.2%

NASDAQ PTEN opened at $7.92 on Wednesday. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $9.25. The stock has a market cap of $3.01 billion, a PE ratio of -31.68 and a beta of 0.76. The firm has a 50-day simple moving average of $6.99 and a 200 day simple moving average of $6.19. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.09. The firm had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.Patterson-UTI Energy’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the business earned ($0.13) earnings per share. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be given a dividend of $0.10 per share. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date is Monday, March 2nd. This represents a $0.40 annualized dividend and a dividend yield of 5.1%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -160.00%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction that occurred 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 directly owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.40% of the stock is currently owned by insiders.

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.