Fisher Asset Management LLC Has $23.66 Million Stock Position in Patterson-UTI Energy, Inc. $PTEN

Fisher Asset Management LLC reduced its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.0% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,566,801 shares of the oil and gas company’s stock after selling 142,814 shares during the quarter. Fisher Asset Management LLC’s holdings in Patterson-UTI Energy were worth $23,656,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Versant Capital Management Inc boosted its holdings in Patterson-UTI Energy by 127.3% during the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 3,343 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter worth about $37,000. Blue Trust Inc. boosted its stake in shares of Patterson-UTI Energy by 43.0% during the 3rd quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock worth $47,000 after buying an additional 2,717 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Patterson-UTI Energy by 494.6% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 7,171 shares in the last quarter. Finally, Arkadios Wealth Advisors acquired a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $52,000. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday. Stifel Nicolaus increased their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 6th. Citigroup raised their target price on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $6.00 price target (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Four analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $8.00.

Patterson-UTI Energy Stock Up 0.1%

PTEN stock opened at $8.83 on Wednesday. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.00. The business’s 50 day simple moving average is $7.47 and its 200 day simple moving average is $6.40. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $3.35 billion, a PE ratio of -35.32 and a beta of 0.71.

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

Patterson-UTI Energy Increases Dividend

The business also recently declared 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 is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date is Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 4.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -160.00%.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Company Profile

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.