Prescott Group Capital Management L.L.C. Invests $1.16 Million in Patterson-UTI Energy, Inc. $PTEN

Prescott Group Capital Management L.L.C. bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 4th quarter, according to its most recent disclosure with the SEC. The firm bought 190,000 shares of the oil and gas company’s stock, valued at approximately $1,161,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GSA Capital Partners LLP lifted its position in shares of Patterson-UTI Energy by 148.2% in the 4th quarter. GSA Capital Partners LLP now owns 173,169 shares of the oil and gas company’s stock worth $1,058,000 after purchasing an additional 103,405 shares during the period. Profund Advisors LLC lifted its position in shares of Patterson-UTI Energy by 28.0% in the 4th quarter. Profund Advisors LLC now owns 108,896 shares of the oil and gas company’s stock worth $665,000 after purchasing an additional 23,798 shares during the period. Tejara Capital Ltd lifted its position in shares of Patterson-UTI Energy by 60.5% in the 4th quarter. Tejara Capital Ltd now owns 890,493 shares of the oil and gas company’s stock worth $5,441,000 after purchasing an additional 335,500 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al lifted its position in shares of Patterson-UTI Energy by 120.6% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 127,500 shares of the oil and gas company’s stock worth $779,000 after purchasing an additional 69,700 shares during the period. Finally, Versor Investments LP purchased a new stake in shares of Patterson-UTI Energy in the 4th quarter worth about $404,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Trading Down 3.5%

Shares of NASDAQ PTEN opened at $12.28 on Thursday. Patterson-UTI Energy, Inc. has a 1 year low of $5.10 and a 1 year high of $13.08. The stock has a market cap of $4.66 billion, a P/E ratio of -39.61 and a beta of 0.64. The firm has a 50-day moving average of $11.01 and a 200 day moving average of $8.37. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s revenue for the quarter was down 12.7% on a year-over-year basis. As a group, sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.2 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.10 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $0.40 annualized dividend and a yield of 3.3%. Patterson-UTI Energy’s payout ratio is -129.03%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PTEN. Stifel Nicolaus raised their target price on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Royal Bank Of Canada lifted their price target on shares of Patterson-UTI Energy from $12.00 to $14.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Morgan Stanley lifted their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. Susquehanna lifted their price target on shares of Patterson-UTI Energy from $10.00 to $13.00 and gave the company a “positive” rating in a research report on Tuesday, April 7th. Finally, Piper Sandler lifted their price target on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the company a “neutral” rating in a research report on Monday, April 27th. One 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 given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $11.80.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $11.85, for a total value of $2,962,500.00. Following the completion of the transaction, the chief executive officer directly owned 2,823,103 shares of the company’s stock, valued at approximately $33,453,770.55. The trade was a 8.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of Patterson-UTI Energy stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $12.04, for a total transaction of $3,885,295.96. Following the completion of the transaction, the director directly owned 1,190,248 shares of the company’s stock, valued at $14,330,585.92. This trade represents a 21.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 808,949 shares of company stock valued at $9,387,035. Insiders own 2.20% of the company’s stock.

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.