Nordea Investment Management AB Has $3.40 Million Holdings in Patterson-UTI Energy, Inc. $PTEN

Nordea Investment Management AB decreased its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 15.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 554,420 shares of the oil and gas company’s stock after selling 101,592 shares during the period. Nordea Investment Management AB’s holdings in Patterson-UTI Energy were worth $3,396,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Patterson-UTI Energy by 1.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 17,000,602 shares of the oil and gas company’s stock valued at $88,065,000 after buying an additional 304,718 shares during the last quarter. American Century Companies Inc. grew its position in Patterson-UTI Energy by 7.9% in 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 acquiring an additional 1,135,704 shares in the last quarter. Sourcerock Group LLC increased its stake in shares of 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 during the last quarter. Holocene Advisors LP increased its stake in shares of Patterson-UTI Energy by 176.6% during the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock worth $47,801,000 after purchasing an additional 5,891,956 shares during the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Patterson-UTI Energy by 97.7% during the 3rd quarter. Millennium Management LLC now owns 8,989,351 shares of the oil and gas company’s stock valued at $46,565,000 after purchasing 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.

Insider Transactions at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the business’s stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on PTEN. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Stifel Nicolaus raised their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Finally, Royal Bank Of Canada increased their price objective on Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Hold” and a consensus price target of $8.11.

Patterson-UTI Energy Stock Up 0.9%

Shares of PTEN stock opened at $11.36 on Friday. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $11.58. The firm has a market cap of $4.31 billion, a PE ratio of -45.44 and a beta of 0.71. The stock has a 50 day moving average of $8.80 and a 200-day moving average of $6.96. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38.

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

Patterson-UTI Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were given a $0.10 dividend. The ex-dividend date was Monday, March 2nd. This represents a $0.40 annualized dividend and a yield of 3.5%. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio (DPR) is -160.00%.

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.