Ensign Peak Advisors Inc decreased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ: PTEN – Get Rating) by 20.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 108,480 shares of the oil and gas company stock after selling 27,320 shares during the quarter. Ensign Peak Advisors Inc owned about 0.05% of Patterson-UTI Energy worth $ 917,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of PTEN. JPMorgan Chase & Co. boosted its position in shares of Patterson-UTI Energy by 504.1% during the fourth quarter. JPMorgan Chase & Co. now owns 8,090,604 shares of oil and gas company stock worth $ 68,366,000 after acquiring an additional 6,751,253 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at $ 55,647,000. Millennium Management LLC raised its stake in Patterson-UTI Energy by 812.3% during the third quarter. Millennium Management LLC now owns 1,965,901 shares of the oil and gas company stock valued at $ 17,693,000 after purchasing an additional 1,750,410 shares in the last quarter. Fisher Asset Management LLC raised its stake in Patterson-UTI Energy by 5,377.5% during the fourth quarter. Fisher Asset Management LLC now owns 942,901 shares of the oil and gas company stock valued at $ 7,968,000 after purchasing an additional 925,687 shares in the last quarter. Finally, Jennison Associates LLC purchased a new stake in Patterson-UTI Energy during the fourth quarter valued at $ 3,904,000. Hedge funds and other institutional investors own 95.14% of the company stock.
A number of equities research analysts recently issued reports on PTEN shares. Citigroup upped their price target on shares of Patterson-UTI Energy from $ 11.00 to $ 15.00 and gave the company a “buy” rating in a research note on Tuesday, February 15th. Piper Sandler downgraded shares of Patterson-UTI Energy from an “overweight” rating to a “neutral” rating and increased their target price for the company from $ 21.00 to $ 22.75 in a research note on Tuesday. They noted that the move was a valuation call. Barclays increased their target price on shares of Patterson-UTI Energy from $ 16.00 to $ 20.00 in a research note on Monday, May 2nd. Morgan Stanley increased their target price on shares of Patterson-UTI Energy from $ 13.50 to $ 18.00 and gave the company an “overweight” rating in a research note on Monday, April 11th. Finally, Benchmark assumed coverage on shares of Patterson-UTI Energy in a research note on Monday, April 18th. They issued a “buy” rating and a $ 21.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $ 16.81.
Shares of Patterson-UTI Energy stock opened at $ 18.73 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.35 and a quick ratio of 1.23. Patterson-UTI Energy, Inc. has a 1 year low of $ 6.44 and a 1 year high of $ 20.53. The firm’s 50-day moving average is $ 16.66 and its two-hundred day moving average is $ 12.85. The stock has a market cap of $ 4.05 billion, a price-to-earnings ratio of -6.69 and a beta of 2.37.
Patterson-UTI Energy (NASDAQ: PTEN – Get Rating) last issued its earnings results on Wednesday, April 27th. The oil and gas company reported ($ 0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($ 0.21) by $ 0.08. Patterson-UTI Energy had a negative net margin of 35.49% and a negative return on equity of 17.74%. The company had revenue of $ 509.80 million for the quarter, compared to analysts’ expectations of $ 512.08 million. During the same period in the prior year, the business earned ($ 0.57) EPS. The firm’s quarterly revenue was up 111.5% on a year-over-year basis. On average, equities analysts expect that Patterson-UTI Energy, Inc. will post -0.05 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 16th. Stockholders of record on Thursday, June 2nd will be issued a $ 0.04 dividend. This represents a $ 0.16 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date of this dividend is Wednesday, June 1st. Patterson-UTI Energy’s dividend payout ratio is currently -5.71%.
In other news, CEO William Andrew Hendricks, Jr. sold 100,000 shares of the firm’s stock in a transaction dated Thursday, March 17th. The shares were sold at an average price of $ 15.04, for a total value of $ 1,504,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Charles Andrew Smith sold 75,000 shares of the firm’s stock in a transaction dated Monday, March 7th. The shares were sold at an average price of $ 15.95, for a total transaction of $ 1,196,250.00. The disclosure for this sale can be found here. Insiders sold a total of 694,650 shares of company stock worth $ 11,043,481 over the last 90 days. Company insiders own 2.70% of the company stock.
Patterson-UTI Energy Company Profile: (Get Rating)
Patterson-UTI Energy, Inc., through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Contract Drilling Services, Pressure Pumping Services, and Directional Drilling Services. The Contract Drilling Services segment markets its contract drilling services primarily in west Texas, Appalachia, Rockies, Oklahoma, South Texas, East Texas, and Colombia.
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