Patterson-UTI Energy, Inc. $PTEN Stock Bought by VestGen Advisors LLC

VestGen Advisors LLC raised its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1,036.9% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 146,961 shares of the oil and gas company’s stock after acquiring an additional 134,034 shares during the period. VestGen Advisors LLC’s holdings in Patterson-UTI Energy were worth $1,605,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth $32,000. Rockefeller Capital Management L.P. raised its stake in shares of Patterson-UTI Energy by 187.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 4,299 shares during the period. Nykredit A S bought a new position in shares of Patterson-UTI Energy during the 2nd quarter worth $56,000. Reyes Financial Architecture Inc. purchased a new stake in Patterson-UTI Energy in the 3rd quarter worth about $60,000. Finally, Farther Finance Advisors LLC increased its holdings in Patterson-UTI Energy by 39.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 6,096 shares of the oil and gas company’s stock worth $67,000 after acquiring an additional 1,732 shares during the last quarter. Institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PTEN. Citigroup decreased their price objective on Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating on the stock in a research note on Friday, October 2nd. Susquehanna lifted their price target on Patterson-UTI Energy from $13.00 to $15.00 and gave the stock a “positive” rating in a research note on Friday. UBS Group initiated coverage on shares of Patterson-UTI Energy in a research note on Friday, October 2nd. They issued a “neutral” rating and a $13.00 price objective for the company. Barclays boosted their price objective on Patterson-UTI Energy from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Royal Bank Of Canada increased their target price on shares of Patterson-UTI Energy from $15.00 to $17.00 and gave the stock an “outperform” rating in a report on Friday. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and an average price target of $13.59.

Patterson-UTI Energy Price Performance

PTEN opened at $13.32 on Friday. Patterson-UTI Energy, Inc. has a 12-month low of $5.24 and a 12-month high of $13.39. The company has a market cap of $5.08 billion, a price-to-earnings ratio of -222.00 and a beta of 0.77. The stock has a fifty day simple moving average of $11.89 and a two-hundred day simple moving average of $10.52. The company has a current ratio of 1.73, a quick ratio of 1.57 and a debt-to-equity ratio of 0.40.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, October 28th. The oil and gas company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the prior year, the firm posted ($0.10) earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. Research analysts predict that Patterson-UTI Energy, Inc. will post 0.01 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Tuesday, December 1st will be paid a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.40 dividend on an annualized basis and a yield of 3.0%. Patterson-UTI Energy’s payout ratio is presently -173.91%.

Insider Buying and Selling at Patterson-UTI Energy

In related news, EVP Seth Wexler sold 120,000 shares of Patterson-UTI Energy stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $12.75, for a total value of $1,530,000.00. Following the completion of the transaction, the executive vice president owned 404,582 shares in the company, valued at approximately $5,158,420.50. This trade represents a 22.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO William Hendricks, Jr. sold 250,000 shares of the stock in a transaction on Friday, September 18th. The shares were sold at an average price of $11.91, for a total value of $2,977,500.00. Following the sale, the chief executive officer owned 2,042,474 shares in the company, valued at $24,325,865.34. The trade was a 10.91% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,027,000 shares of company stock worth $12,698,780. Company insiders own 2.20% of the company’s stock.

Key Stories Impacting Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Analysts raised their price targets: Royal Bank of Canada increased its target from $15 to $17 and maintained an “outperform” rating. Royal Bank of Canada recommendations
• Positive Sentiment: Barclays raised its target from $16 to $17 and maintained an “overweight” rating, while Susquehanna lifted its target from $13 to $15 and assigned a “positive” rating. The revisions imply further upside and reflect improving expectations for PTEN’s earnings and operating performance. Barclays recommendations Susquehanna recommendations
• Positive Sentiment: Q3 results beat expectations: Patterson-UTI reported earnings of $0.07 per share versus the $0.04 consensus estimate, while revenue rose 14.1% year over year to $1.34 billion, above the $1.31 billion forecast. Results also improved from a $0.10-per-share loss in the prior-year quarter. Patterson-UTI Q3 earnings results
• Positive Sentiment: Constructive outlook: Management expects approximately $150 million in fourth-quarter drilling-services adjusted gross profit and plans to keep 2026 capital expenditures below $600 million. The combination of profitability and capital discipline supports the bullish analyst view. Patterson-UTI Q4 outlook
• Neutral Sentiment: PTEN declared a quarterly dividend of $0.10 per share, or $0.40 annualized, representing a yield of approximately 3.2%. The dividend adds shareholder income, although the company continues to report a slightly negative net margin and return on equity.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.