Patterson-UTI Energy, Inc. $PTEN Shares Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lifted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 120.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 127,500 shares of the oil and gas company’s stock after purchasing an additional 69,700 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Patterson-UTI Energy were worth $779,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings 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 purchasing an additional 304,718 shares during the last quarter. American Century Companies Inc. boosted its holdings 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 purchasing an additional 1,135,704 shares during the last quarter. Sourcerock Group LLC boosted its holdings 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 purchasing an additional 7,205,652 shares during the last quarter. Holocene Advisors LP boosted its holdings 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 purchasing an additional 5,891,956 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings 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 purchasing an additional 4,442,700 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PTEN. Citigroup raised their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Royal Bank Of Canada raised their price objective on Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an “outperform” rating in a report on Friday, April 24th. Piper Sandler increased their target price 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. The Goldman Sachs Group increased their target price on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, April 15th. Finally, Zacks Research raised Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $11.80.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the transaction, the director owned 77,462 shares in the company, valued at $952,007.98. The trade was 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, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the business’s stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $12.04, for a total value of $3,885,295.96. Following the transaction, the director owned 1,190,248 shares in the company, valued at approximately $14,330,585.92. This represents a 21.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 808,949 shares of company stock worth $9,387,035 over the last quarter. 2.20% of the stock is owned by corporate insiders.

Patterson-UTI Energy Stock Performance

Shares of PTEN opened at $12.42 on Monday. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $4.71 billion, a P/E ratio of -40.06 and a beta of 0.64. The stock’s fifty day simple moving average is $10.79 and its 200 day simple moving average is $8.23. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $12.62.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. The business had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The firm’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.21 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st 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 3.2%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s payout ratio is currently -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.