Public Sector Pension Investment Board Raises Stake in Patterson-UTI Energy, Inc. $PTEN

Public Sector Pension Investment Board lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 14.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,367,213 shares of the oil and gas company’s stock after acquiring an additional 169,816 shares during the period. Public Sector Pension Investment Board’s holdings in Patterson-UTI Energy were worth $7,082,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its position in Patterson-UTI Energy by 0.5% during 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 purchasing an additional 1,915 shares during the last quarter. Yousif Capital Management LLC grew its stake in shares of Patterson-UTI Energy by 1.8% in 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 buying an additional 2,492 shares during the period. Blue Trust Inc. increased its holdings 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 worth $47,000 after buying an additional 2,717 shares during the last quarter. Versant Capital Management Inc raised its position in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 3,343 shares during the period. Finally, Prudent Man Advisors LLC lifted its holdings in Patterson-UTI Energy by 26.7% in the second quarter. Prudent Man Advisors LLC now owns 16,006 shares of the oil and gas company’s stock valued at $95,000 after acquiring an additional 3,375 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Insider Activity

In other news, Director James Carl Stewart sold 368,254 shares of Patterson-UTI Energy stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the transaction, the director owned 207,000 shares in the company, valued at approximately $1,215,090. This trade represents a 64.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 2.40% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of PTEN stock opened at $7.92 on Wednesday. The firm has a 50 day moving average of $6.99 and a two-hundred day moving average of $6.19. The stock has a market capitalization of $3.01 billion, a PE ratio of -31.68 and a beta of 0.76. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $9.25.

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

Patterson-UTI Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 5.1%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio is -160.00%.

Analyst Ratings Changes

Several research firms have issued reports on PTEN. Stifel Nicolaus raised their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. 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 report on Wednesday, December 10th. Piper Sandler boosted their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $8.00.

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.