Strs Ohio Increases Holdings in Patterson-UTI Energy, Inc. $PTEN

Strs Ohio lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 134.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 322,100 shares of the oil and gas company’s stock after purchasing an additional 184,600 shares during the quarter. Strs Ohio owned 0.08% of Patterson-UTI Energy worth $3,488,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Pictet Asset Management Holding SA grew its holdings in Patterson-UTI Energy by 686.1% during the 1st quarter. Pictet Asset Management Holding SA now owns 475,726 shares of the oil and gas company’s stock valued at $5,152,000 after buying an additional 415,209 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Patterson-UTI Energy by 132.1% in the first quarter. Sterling Capital Management LLC now owns 46,456 shares of the oil and gas company’s stock worth $503,000 after buying an additional 26,444 shares in the last quarter. Wesbanco Bank Inc. bought a new position in shares of Patterson-UTI Energy in the first quarter valued at approximately $217,000. Louisiana State Employees Retirement System bought a new position in shares of Patterson-UTI Energy in the first quarter valued at approximately $1,659,000. Finally, Ritholtz Wealth Management bought a new position in shares of Patterson-UTI Energy in the first quarter valued at approximately $137,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on PTEN. Zacks Research lowered shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Capital One Financial raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a report on Monday, April 20th. Royal Bank Of Canada boosted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Stifel Nicolaus upped their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Finally, Susquehanna increased 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. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $12.35.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN traded up $0.26 during midday trading on Tuesday, hitting $8.81. 585,037 shares of the company’s stock were exchanged, compared to its average volume of 10,350,183. 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 business’s fifty day moving average price is $11.17 and its two-hundred day moving average price is $9.46. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -28.37 and a beta of 0.62. 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 announced its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy’s quarterly revenue was down 12.7% compared to the same quarter last year. As a group, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.14 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.10 per share. The ex-dividend date was Monday, June 1st. This represents a $0.40 annualized dividend and a dividend yield of 4.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -129.03%.

Insider Activity at Patterson-UTI Energy

In related news, CAO Forrest C. Robinson sold 13,670 shares of the stock in a transaction on Monday, June 8th. The stock was sold at an average price of $12.01, for a total value of $164,176.70. Following the transaction, the chief accounting officer owned 56,842 shares of the company’s stock, valued at $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of Patterson-UTI Energy stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $12.02, for a total value of $738,929.50. Following the sale, the director directly owned 1,128,773 shares of the company’s stock, valued at approximately $13,567,851.46. This trade represents a 5.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 1,007,844 shares of company stock worth $11,922,302 in the last three months. 2.20% of the stock is owned by insiders.

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.