Bridgeway Capital Management LLC Invests $16.37 Million in Patterson-UTI Energy, Inc. $PTEN

Bridgeway Capital Management LLC acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 2,679,554 shares of the oil and gas company’s stock, valued at approximately $16,372,000. Bridgeway Capital Management LLC owned about 0.71% of Patterson-UTI Energy as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PTEN. Quarry LP lifted its holdings in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 3,862 shares during the last quarter. First Horizon Corp lifted its holdings in shares of Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 2,049 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth $37,000. Torren Management LLC bought a new stake in shares of Patterson-UTI Energy during the 4th quarter worth $44,000. Finally, EverSource Wealth Advisors LLC lifted its holdings in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 7,171 shares during the last quarter. 97.91% of the stock is owned by institutional investors.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, the director owned 77,462 shares in the company, valued at approximately $952,007.98. The trade was a 11.43% 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. Also, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the transaction, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. The trade was a 26.25% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. Company insiders own 2.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Royal Bank Of Canada lifted their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Susquehanna lifted their target price on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a “positive” rating in a research report on Wednesday, May 27th. Citigroup lifted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price on the stock in a research report on Monday, April 20th. Finally, Morgan Stanley lifted their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $12.40.

Patterson-UTI Energy Price Performance

PTEN stock opened at $10.30 on Thursday. The firm’s 50-day moving average price is $11.41 and its two-hundred day moving average price is $9.17. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The stock has a market capitalization of $3.91 billion, a price-to-earnings ratio of -33.22 and a beta of 0.61. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. The company’s revenue was down 12.7% compared to the same quarter last year. As a group, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were given a $0.10 dividend. The ex-dividend date was Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.9%. Patterson-UTI Energy’s payout ratio is presently -129.03%.

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.