Patterson-UTI Energy, Inc. $PTEN Stock Holdings Lessened by Nordea Investment Management AB

Nordea Investment Management AB lessened its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 554,420 shares of the oil and gas company’s stock after selling 101,592 shares during the period. Nordea Investment Management AB owned 0.15% of Patterson-UTI Energy worth $3,396,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PTEN. Tudor Investment Corp ET AL acquired a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth about $2,206,000. Mirabella Financial Services LLP acquired a new position in Patterson-UTI Energy during the 3rd quarter valued at about $150,000. Swiss Life Asset Management Ltd bought a new position in Patterson-UTI Energy in the 3rd quarter worth about $85,000. CIBC Bancorp USA Inc. bought a new position in Patterson-UTI Energy in the 3rd quarter worth about $195,000. Finally, Oarsman Capital Inc. acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at approximately $139,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Activity at Patterson-UTI Energy

In related news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of Patterson-UTI Energy stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PTEN shares. Royal Bank Of Canada lifted their price target on Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Stifel Nicolaus raised their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Citigroup lifted their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Piper Sandler boosted their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Monday, December 29th. Five research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.11.

Patterson-UTI Energy Trading Up 0.9%

Shares of NASDAQ:PTEN opened at $11.36 on Friday. 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 capitalization of $4.31 billion, a price-to-earnings ratio of -45.44 and a beta of 0.71. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $11.58. The company has a 50 day moving average price of $8.80 and a 200 day moving average price of $6.96.

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

Patterson-UTI Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, March 2nd. Patterson-UTI Energy’s payout ratio is presently -160.00%.

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.