Grace & White Inc. NY Sells 74,368 Shares of Patterson-UTI Energy, Inc. $PTEN

Grace & White Inc. NY decreased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 26.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 205,400 shares of the oil and gas company’s stock after selling 74,368 shares during the quarter. Grace & White Inc. NY owned about 0.05% of Patterson-UTI Energy worth $1,255,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its stake in shares of Patterson-UTI Energy by 1.8% in 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 acquiring an additional 304,718 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Patterson-UTI Energy by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock valued at $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% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares in the last quarter. Holocene Advisors LP increased its stake in shares of Patterson-UTI Energy by 176.6% in the 3rd quarter. Holocene Advisors LP now owns 9,228,022 shares of the oil and gas company’s stock valued at $47,801,000 after acquiring an additional 5,891,956 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Patterson-UTI Energy by 97.7% in 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 acquiring an additional 4,442,700 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on PTEN. Morgan Stanley lifted their price objective on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research note on Wednesday. The Goldman Sachs Group lifted their price objective on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup lifted their price target on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “neutral” rating in a research report on Wednesday. Piper Sandler lifted their price target on shares of Patterson-UTI Energy from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Royal Bank Of Canada lifted their price target on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $9.67.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of Patterson-UTI Energy stock in a transaction on 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 available through this link. 2.40% of the stock is owned by corporate insiders.

Patterson-UTI Energy Price Performance

PTEN opened at $10.41 on Friday. 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 company has a market capitalization of $3.95 billion, a price-to-earnings ratio of -41.64 and a beta of 0.57. The firm’s fifty day moving average price is $9.63 and its two-hundred day moving average price is $7.45. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $11.75.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The firm had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.13) EPS. As a group, 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 company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 3.8%. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s payout ratio is presently -160.00%.

Patterson-UTI Energy News Roundup

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

• Positive Sentiment: Goldman Sachs raised its price target to $11 and kept a buy rating, giving explicit upward support to the stock and helping today’s gains. Goldman Sachs raises PT to $11
• Positive Sentiment: MSN highlights the stock trading up and attributes the move primarily to the fresh analyst attention and underlying quarterly beat, reinforcing bullish sentiment. MSN: Patterson-UTI stock trades up
• Positive Sentiment: Yahoo Finance ran a “soaring” piece highlighting intraday buying pressure and analyst target lifts as reasons for the rally. That coverage can attract momentum buyers. Yahoo Finance: Why PTEN shares are soaring
• Neutral Sentiment: Citigroup raised its price target to $11 but kept a “neutral” rating—this increases implied value but is not a full endorsement, so it’s broadly supportive but cautious. Benzinga: Citigroup raises PT to $11
• Neutral Sentiment: Piper Sandler raised its target to $10 with a neutral stance; that’s a modest lift but still implies limited near?term upside versus the current price. Benzinga: Piper Sandler raises PT to $10
• Negative Sentiment: Morgan Stanley raised its target to $10 but kept an equal?weight rating; their target implies slight downside from current levels and may cap the rally for some investors. Benzinga: Morgan Stanley raises PT to $10
• Negative Sentiment: Separate coverage noted periods when PTEN traded lower during the session, reflecting intraday profit?taking and mixed analyst views that can create volatility. Yahoo UK: Why PTEN is trading lower

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.