International Assets Investment Management LLC Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

International Assets Investment Management LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 60,040 shares of the oil and gas company’s stock, valued at approximately $367,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of PTEN. Dimensional Fund Advisors LP grew its position in shares of 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. grew its position in shares of Patterson-UTI Energy by 7.9% during the third quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock worth $80,804,000 after buying an additional 1,135,704 shares in the last quarter. Sourcerock Group LLC grew its position in shares of Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after buying an additional 7,205,652 shares in the last quarter. Holocene Advisors LP grew its position in shares of Patterson-UTI Energy by 176.6% during the third quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock worth $47,801,000 after buying an additional 5,891,956 shares in the last quarter. Finally, Millennium Management LLC grew its position in shares of Patterson-UTI Energy by 97.7% during the third quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock worth $46,565,000 after buying an additional 4,442,700 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

PTEN has been the subject of a number of analyst reports. Susquehanna boosted their price objective on Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. 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 $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Finally, Royal Bank Of Canada boosted their price objective on Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $11.80.

Insider Activity 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, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the company’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer directly owned 2,823,103 shares of the company’s stock, valued at $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. Insiders sold 808,949 shares of company stock valued at $9,387,035 over the last three months. 2.20% of the stock is owned by corporate insiders.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $11.86 on Tuesday. The stock has a 50 day moving average price of $10.52 and a 200 day moving average price of $8.07. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of -38.26 and a beta of 0.64. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $12.62.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating 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%.Patterson-UTI Energy’s revenue for the quarter was down 12.7% compared to the same quarter last year. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.21 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 3.4%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is -129.03%.

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.