Patterson-UTI Energy, Inc. $PTEN Shares Acquired by Gagnon Securities LLC

Gagnon Securities LLC grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 69.0% in the fourth quarter, Holdings Channel reports. The fund owned 352,777 shares of the oil and gas company’s stock after purchasing an additional 144,080 shares during the period. Gagnon Securities LLC’s holdings in Patterson-UTI Energy were worth $2,155,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PTEN. Royal Bank of Canada increased its stake in shares of Patterson-UTI Energy by 23.7% in the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after acquiring an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Patterson-UTI Energy by 4.6% in the 1st 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 acquiring an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Patterson-UTI Energy by 4.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after acquiring an additional 220,422 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Patterson-UTI Energy in the 1st quarter worth $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of 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 worth $7,106,000 after acquiring an additional 30,217 shares during the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Patterson-UTI Energy

In related news, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares in the company, valued at $4,834,868.81. This trade represents a 26.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Cesar Jaime sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total value of $122,900.00. Following the transaction, the director owned 77,462 shares of the company’s stock, valued at $952,007.98. This trade represents a 11.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 1,172,619 shares of company stock worth $13,599,712 over the last ninety days. Company insiders own 2.20% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PTEN. Zacks Research raised Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Susquehanna raised their price objective on Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a “positive” rating in a research report on Wednesday, May 27th. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. Finally, Morgan Stanley raised their price objective on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $12.30.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $11.49 on Friday. The business has a 50-day moving average price of $11.42 and a 200 day moving average price of $9.04. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $4.36 billion, a price-to-earnings ratio of -37.06 and a beta of 0.61. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08.

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. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate 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 firm’s revenue was down 12.7% compared to the same quarter last year. Sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors 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 3.5%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is -129.03%.

Patterson-UTI Energy 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.