LSV Asset Management Has $2.99 Million Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

LSV Asset Management reduced its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 19.3% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 577,658 shares of the oil and gas company’s stock after selling 137,900 shares during the period. LSV Asset Management owned 0.15% of Patterson-UTI Energy worth $2,992,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. increased its position in Patterson-UTI Energy by 23.4% in the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock worth $85,769,000 after purchasing an additional 2,746,159 shares during the period. Sourcerock Group LLC boosted 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. ARGA Investment Management LP boosted its stake in shares of Patterson-UTI Energy by 3.5% in the 2nd 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 purchasing an additional 453,519 shares during the last quarter. Bank of America Corp DE grew its position in shares of Patterson-UTI Energy by 1.5% during the 2nd 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 buying an additional 82,817 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake 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 buying an additional 220,422 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Transactions at Patterson-UTI Energy

In other news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director directly owned 207,000 shares of the company’s stock, valued at $1,215,090. This represents 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 at this hyperlink. Company insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $8.10 on Monday. The business has a 50 day simple moving average of $6.92 and a 200 day simple moving average of $6.16. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $9.25. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64. The stock has a market cap of $3.07 billion, a price-to-earnings ratio of -32.40 and a beta of 0.75.

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

Patterson-UTI Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Monday, March 2nd. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -128.00%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on PTEN shares. Stifel Nicolaus raised their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Royal Bank Of Canada raised 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. JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Finally, Wall Street Zen raised shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Three research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $8.00.

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.