Wedge Capital Management L L P NC Increases Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Wedge Capital Management L L P NC grew its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 103.5% during the third quarter, Holdings Channel reports. The firm owned 564,630 shares of the oil and gas company’s stock after purchasing an additional 287,178 shares during the period. Wedge Capital Management L L P NC’s holdings in Patterson-UTI Energy were worth $2,925,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the stock. American Century Companies Inc. grew its position in shares of Patterson-UTI Energy by 23.4% in the 2nd quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock valued at $85,769,000 after buying an additional 2,746,159 shares during the last quarter. Sourcerock Group LLC boosted its stake in Patterson-UTI Energy by 109.2% in the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. ARGA Investment Management LP boosted its stake in Patterson-UTI Energy by 3.5% in the second quarter. ARGA Investment Management LP now owns 13,238,092 shares of the oil and gas company’s stock valued at $78,502,000 after acquiring an additional 453,519 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Patterson-UTI Energy by 1.5% during the second quarter. Bank of America Corp DE now owns 5,710,369 shares of the oil and gas company’s stock worth $33,862,000 after purchasing an additional 82,817 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after purchasing an additional 220,422 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 1.0%

Shares of Patterson-UTI Energy stock opened at $5.89 on Tuesday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $9.57. The company has a market cap of $2.23 billion, a P/E ratio of -16.36 and a beta of 0.77. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. The firm has a fifty day moving average of $6.03 and a two-hundred day moving average of $5.89.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) earnings per share (EPS) for the quarter. The firm had revenue of $191.70 million for the quarter. Patterson-UTI Energy had a negative return on equity of 2.65% and a negative net margin of 2.81%. On average, analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 5.4%. The ex-dividend date of this dividend was Monday, December 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -88.89%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PTEN. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 15th. Royal Bank Of Canada raised 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 report on Friday, October 24th. Susquehanna reduced their price target on shares of Patterson-UTI Energy from $8.00 to $7.00 and set a “positive” rating for the company in a research report on Wednesday, September 3rd. Wall Street Zen upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. Three investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $7.28.

Insider Activity at Patterson-UTI Energy

In related 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 value of $2,161,650.98. Following the sale, the director directly owned 207,000 shares in the company, valued at $1,215,090. The trade was a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by corporate insiders.

About Patterson-UTI Energy

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.