Dimensional Fund Advisors LP Purchases 2,745,872 Shares of Patterson-UTI Energy, Inc. $PTEN

Dimensional Fund Advisors LP raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 14.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 21,211,576 shares of the oil and gas company’s stock after purchasing an additional 2,745,872 shares during the period. Dimensional Fund Advisors LP owned 0.06% of Patterson-UTI Energy worth $229,732,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Royal Bank of Canada increased its position in shares of Patterson-UTI Energy by 23.7% during the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after acquiring an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in 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 worth $1,904,000 after purchasing an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in 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 worth $39,024,000 after purchasing an additional 220,422 shares during the last quarter. United Services Automobile Association bought a new position in Patterson-UTI Energy in the 1st quarter valued at $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Patterson-UTI Energy by 3.6% in the 1st 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 purchasing an additional 30,217 shares during the period. Institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $10.34 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The stock has a market cap of $3.93 billion, a PE ratio of -33.35 and a beta of 0.62. The stock has a fifty day moving average of $10.66 and a 200-day moving average of $9.82.

Patterson-UTI Energy (NASDAQ:PTEN) last issued 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 return on equity of 2.32% and a negative net margin of 2.56%.The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. The company’s revenue for the quarter was down 12.7% compared to the same quarter last year. Equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.06 earnings per share for the current year.

Insider Buying and Selling at Patterson-UTI Energy

In other news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the director directly owned 77,462 shares of the company’s stock, valued at approximately $952,007.98. This represents a 11.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 1,007,844 shares of company stock worth $11,922,302. 2.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PTEN shares. Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Piper Sandler upgraded shares of Patterson-UTI Energy from a “neutral” rating to an “overweight” rating and set a $13.00 price target for the company in a research report on Tuesday, July 14th. The Goldman Sachs Group boosted their target price 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. Capital One Financial raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target on the stock in a research report on Monday, April 20th. Finally, KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Patterson-UTI Energy currently has an average rating of “Hold” and a consensus target price of $12.15.

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.