VIRGINIA RETIREMENT SYSTEMS ET Al Boosts Stock Position in Patterson-UTI Energy, Inc. $PTEN

VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 120.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 127,500 shares of the oil and gas company’s stock after acquiring an additional 69,700 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Patterson-UTI Energy were worth $779,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Quarry LP raised its stake 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 buying an additional 3,862 shares in the last quarter. First Horizon Corp raised its stake 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 buying an additional 2,049 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after buying an additional 3,343 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $37,000. Finally, Torren Management LLC purchased a new position in shares of Patterson-UTI Energy during the 4th quarter worth approximately $44,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Susquehanna increased their target price on Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a “positive” rating in a research note on Tuesday, April 7th. The Goldman Sachs Group increased their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. Piper Sandler increased their target price on Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. Royal Bank Of Canada increased their target price on Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an “outperform” rating in a research note on Friday, April 24th. Finally, Bank of America restated a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.80.

Patterson-UTI Energy Stock Performance

PTEN opened at $12.42 on Monday. The stock has a market cap of $4.71 billion, a P/E ratio of -40.06 and a beta of 0.64. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The stock’s 50 day simple moving average is $10.79 and its 200 day simple moving average is $8.23. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $12.62.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business’s revenue for the quarter was down 12.7% on a year-over-year basis. As a group, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.21 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is 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 Robert Wayne Drummond, Jr. sold 61,475 shares of the stock in a transaction on Monday, May 4th. The stock was sold at an average price of $12.02, for a total transaction of $738,929.50. Following the sale, the director owned 1,128,773 shares in the company, valued at approximately $13,567,851.46. This represents a 5.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the sale, the chief executive officer owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 808,949 shares of company stock worth $9,387,035. 2.20% of the stock is owned by 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.