ARGA Investment Management LP Has $42.33 Million Position in Patterson-UTI Energy, Inc. $PTEN

ARGA Investment Management LP cut its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,908,308 shares of the oil and gas company’s stock after selling 103,783 shares during the quarter. Patterson-UTI Energy comprises about 1.4% of ARGA Investment Management LP’s portfolio, making the stock its 15th biggest holding. ARGA Investment Management LP’s holdings in Patterson-UTI Energy were worth $42,327,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royal Bank of Canada increased 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 buying an additional 32,622 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of 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 acquiring an additional 10,142 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Patterson-UTI Energy by 4.9% in the first 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 acquiring an additional 220,422 shares during the period. United Services Automobile Association acquired a new position in shares of Patterson-UTI Energy in the first quarter valued at about $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake 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 acquiring an additional 30,217 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Stock Down 0.1%

PTEN stock opened at $9.39 on Friday. The company has a market cap of $3.56 billion, a PE ratio of -30.29 and a beta of 0.62. The business has a 50-day simple moving average of $10.98 and a 200 day simple moving average of $9.54. Patterson-UTI Energy, Inc. has a 52 week low of $5.10 and a 52 week high of $13.08. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $1.11 billion. The firm’s revenue was down 12.7% compared to the same quarter last year. Sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.14 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend was Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is -129.03%.

Insider Buying and Selling 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 that occurred on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the transaction, the director directly owned 77,462 shares in the company, valued at $952,007.98. The trade was a 11.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction on Friday, June 5th. The stock was sold at an average price of $11.64, for a total value of $2,328,000.00. Following the sale, the chief executive officer owned 2,542,474 shares of the company’s stock, valued at $29,594,397.36. The trade was a 7.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 1,007,844 shares of company stock worth $11,922,302 in the last three months. Company insiders own 2.20% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on PTEN shares. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Royal Bank Of Canada increased their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Morgan Stanley raised 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 report on Wednesday, April 15th. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Finally, The Goldman Sachs Group boosted their price target on Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Thursday, June 4th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $12.15.

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.