Patterson-UTI Energy, Inc. $PTEN Stock: M&G PLC Raises Holdings

M&G PLC raised its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 17.4% in the third quarter, HoldingsChannel reports. The fund owned 648,208 shares of the oil and gas company’s stock after acquiring an additional 95,921 shares during the period. M&G PLC’s holdings in Patterson-UTI Energy were worth $7,130,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in PTEN. BlackRock Inc. acquired a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $577,234,000. Webs Creek Capital Management LP bought a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $53,729,934. Bank of America Corp DE bought a new stake in shares of Patterson-UTI Energy in the second quarter valued at approximately $52,132,000. Bank of New York Mellon Corp acquired a new stake in Patterson-UTI Energy during the second quarter worth approximately $38,766,000. Finally, Dimensional Fund Advisors LP grew its position in Patterson-UTI Energy by 14.9% during the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after buying an additional 2,745,872 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PTEN shares. UBS Group raised their price objective on Patterson-UTI Energy from $13.00 to $13.50 and gave the stock a “neutral” rating in a research note on Friday, October 30th. Wall Street Zen upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Weiss Ratings raised Patterson-UTI Energy from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, November 4th. Citigroup decreased their price target on Patterson-UTI Energy from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday. Finally, Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 27th. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $13.95.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $10.05 on Wednesday. The firm has a 50 day moving average of $11.67 and a 200-day moving average of $10.64. The stock has a market capitalization of $3.81 billion, a PE ratio of -167.50 and a beta of 0.79. The company has a current ratio of 1.73, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a 12 month low of $5.24 and a 12 month high of $13.39.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. The business had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.31 billion. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.10) EPS. On average, equities research analysts predict that Patterson-UTI Energy, Inc. will post 0.02 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be given a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 4.0%. The ex-dividend date is Tuesday, December 1st. Patterson-UTI Energy’s payout ratio is currently -666.67%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $12.85, for a total value of $2,549,375.75. Following the sale, the director owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. This trade represents a 17.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president owned 404,582 shares in the company, valued at approximately $5,158,420.50. The trade was a 22.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,027,000 shares of company stock valued at $12,698,780 over the last ninety days. Company insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Profile

Patterson-UTI Energy provides contract drilling and related services to oil and natural gas exploration and production companies. Its offerings include land-based drilling rigs, directional drilling, pressure pumping and other well-completion services, as well as equipment and technologies used in drilling operations. The company serves customers across major U.S. oil and gas regions, including the Permian Basin and other active shale areas. Its operations combine services that support wells through multiple stages, from drilling to completion.