Patterson-UTI Energy, Inc. $PTEN Position Boosted by Tejara Capital Ltd

Tejara Capital Ltd lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 60.5% during the 4th quarter, HoldingsChannel.com reports. The firm owned 890,493 shares of the oil and gas company’s stock after acquiring an additional 335,500 shares during the quarter. Patterson-UTI Energy makes up about 1.3% of Tejara Capital Ltd’s portfolio, making the stock its 15th biggest holding. Tejara Capital Ltd’s holdings in Patterson-UTI Energy were worth $5,441,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its holdings in Patterson-UTI Energy by 1.8% during the third quarter. Dimensional Fund Advisors LP now owns 17,000,602 shares of the oil and gas company’s stock worth $88,065,000 after buying an additional 304,718 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of Patterson-UTI Energy by 7.9% in the third quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock valued at $80,804,000 after buying an additional 1,135,704 shares in the last quarter. Sourcerock Group LLC lifted its position in shares of Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares during the last quarter. Holocene Advisors LP boosted its stake in shares of Patterson-UTI Energy by 176.6% during the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock worth $47,801,000 after acquiring an additional 5,891,956 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Patterson-UTI Energy by 97.7% in the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after acquiring an additional 4,442,700 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director Cesar Jaime sold 10,000 shares of the stock in a transaction 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 $952,007.98. This represents a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction dated 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 transaction, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 808,949 shares of company stock worth $9,387,035. Corporate insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $12.12 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. The firm has a market cap of $4.60 billion, a PE ratio of -39.10 and a beta of 0.64. The firm’s 50 day moving average price is $10.72 and its 200 day moving average price is $8.19. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $12.62.

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

Patterson-UTI Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a $0.10 dividend. The ex-dividend date is Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.3%. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PTEN. Citigroup boosted their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Barclays upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $10.00 to $15.00 in a report on Thursday, May 7th. Royal Bank Of Canada upped their price objective on shares of Patterson-UTI Energy from $12.00 to $14.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Piper Sandler raised their target price on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a “neutral” rating in a report on Monday, April 27th. Finally, Susquehanna lifted their target price on shares of Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.80.

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.