LSV Asset Management Sells 137,900 Shares of Patterson-UTI Energy, Inc. $PTEN

LSV Asset Management cut its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 19.3% during the third quarter, Holdings Channel.com reports. The firm owned 577,658 shares of the oil and gas company’s stock after selling 137,900 shares during the quarter. LSV Asset Management’s holdings in Patterson-UTI Energy were worth $2,992,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Versant Capital Management Inc grew its position in Patterson-UTI Energy by 127.3% in the third quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 3,343 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Patterson-UTI Energy by 43.0% in the 3rd quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 2,717 shares in the last quarter. EverSource Wealth Advisors LLC increased its position 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 acquiring an additional 7,171 shares during the last quarter. Arkadios Wealth Advisors bought a new stake in Patterson-UTI Energy during the third quarter worth about $52,000. Finally, Hudson Bay Capital Management LP acquired a new position in Patterson-UTI Energy during the second quarter valued at approximately $62,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the company’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Citigroup upped their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, February 6th. Piper Sandler increased their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. 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. Finally, Wall Street Zen upgraded shares of Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.00.

Patterson-UTI Energy Price Performance

Shares of PTEN opened at $8.10 on Monday. The company’s 50-day moving average is $6.92 and its 200-day moving average is $6.16. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46. The firm has a market capitalization of $3.07 billion, a PE ratio of -32.40 and a beta of 0.75. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $9.25.

Patterson-UTI Energy (NASDAQ:PTEN) last announced 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. The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. Patterson-UTI Energy’s quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.13) EPS. Equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.9%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date is Monday, March 2nd. Patterson-UTI Energy’s dividend payout ratio is -128.00%.

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.