Patterson-UTI Energy, Inc. $PTEN Shares Purchased by Pingora Partners LLC

Pingora Partners LLC lifted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 599.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 143,047 shares of the oil and gas company’s stock after purchasing an additional 122,600 shares during the period. Pingora Partners LLC’s holdings in Patterson-UTI Energy were worth $874,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Quarry LP grew its holdings in shares of Patterson-UTI Energy by 360.3% in the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 3,862 shares in the last quarter. First Horizon Corp grew its holdings in shares of Patterson-UTI Energy by 58.5% in the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in shares of Patterson-UTI Energy in the third quarter valued at approximately $37,000. Torren Management LLC acquired a new position in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $44,000. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Patterson-UTI Energy by 494.6% in the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 7,171 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of Patterson-UTI Energy stock opened at $11.49 on Monday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08. The company has a market cap of $4.36 billion, a PE ratio of -37.06 and a beta of 0.61. 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 business has a 50-day simple moving average of $11.42 and a 200-day simple moving average of $9.07.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) 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 during the quarter, compared to the consensus estimate of $1.11 billion. The firm’s quarterly revenue was down 12.7% on a year-over-year basis. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared 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. This represents a $0.40 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is -129.03%.

Wall Street Analysts Forecast Growth

PTEN has been the subject of a number of research reports. Susquehanna lifted their price objective on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the company a “positive” rating in a report on Wednesday, May 27th. The Goldman Sachs Group boosted their price objective on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research report 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 objective for the company in a research report on Monday, April 20th. Piper Sandler boosted their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 27th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Patterson-UTI Energy in a research report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $12.30.

Insider Transactions at Patterson-UTI Energy

In related news, Director Cesar Jaime sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total value of $122,900.00. Following the completion of 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the transaction, the chief operating officer directly owned 421,523 shares of the company’s stock, valued at $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 over the last three months. 2.20% of the stock is owned by corporate insiders.

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.