GSA Capital Partners LLP Lowers Stock Position in Patterson-UTI Energy, Inc. $PTEN

GSA Capital Partners LLP reduced its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 52.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 69,764 shares of the oil and gas company’s stock after selling 78,147 shares during the quarter. GSA Capital Partners LLP’s holdings in Patterson-UTI Energy were worth $361,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its stake in Patterson-UTI Energy by 23.4% during the second quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock worth $85,769,000 after acquiring an additional 2,746,159 shares during the last quarter. Sourcerock Group LLC increased its position in Patterson-UTI Energy by 109.2% during the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock worth $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Bank of America Corp DE raised its holdings in Patterson-UTI Energy by 1.5% in the second quarter. Bank of America Corp DE now owns 5,710,369 shares of the oil and gas company’s stock valued at $33,862,000 after buying an additional 82,817 shares during the period. Goldman Sachs Group Inc. lifted its position in Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after buying an additional 220,422 shares in the last quarter. Finally, Norges Bank acquired a new position in Patterson-UTI Energy during the second quarter valued at approximately $25,987,000. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Up 0.8%

Shares of NASDAQ PTEN opened at $8.41 on Friday. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $8.90. The firm has a market cap of $3.19 billion, a price-to-earnings ratio of -33.64 and a beta of 0.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64. The stock’s 50-day simple moving average is $7.30 and its 200-day simple moving average is $6.32.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the business posted ($0.13) earnings per share. Patterson-UTI Energy’s revenue for the quarter was down 1.0% on a year-over-year basis. As a group, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.8%. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date is Monday, March 2nd. Patterson-UTI Energy’s payout ratio is presently -160.00%.

Insider Activity

In related news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the sale, the director directly owned 207,000 shares of the company’s stock, valued at $1,215,090. This represents a 64.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.40% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research reports. Royal Bank Of Canada raised their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Piper Sandler increased their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Finally, Citigroup boosted their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research report on Monday, February 9th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy currently has a consensus rating of “Hold” and a consensus target price of $8.00.

About Patterson-UTI Energy

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.