Templeton & Phillips Capital Management LLC Acquires New Stake in Patterson-UTI Energy, Inc. $PTEN

Templeton & Phillips Capital Management LLC bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 113,550 shares of the oil and gas company’s stock, valued at approximately $588,000. Patterson-UTI Energy accounts for approximately 0.4% of Templeton & Phillips Capital Management LLC’s portfolio, making the stock its 19th biggest position.

Other large investors have also made changes to their positions in the company. Versant Capital Management Inc increased its position in shares of Patterson-UTI Energy by 127.3% during the 3rd quarter. Versant Capital Management Inc now owns 5,970 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 3,343 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 7,171 shares during the last quarter. Blue Trust Inc. increased its holdings in Patterson-UTI Energy by 43.0% during the third quarter. Blue Trust Inc. now owns 9,033 shares of the oil and gas company’s stock valued at $47,000 after buying an additional 2,717 shares during the last quarter. Arkadios Wealth Advisors bought a new position in Patterson-UTI Energy in the third quarter worth approximately $52,000. Finally, Hudson Bay Capital Management LP purchased a new position in shares of Patterson-UTI Energy during the 2nd quarter worth $62,000. 97.91% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the completion of the transaction, the director owned 207,000 shares of the company’s stock, valued at $1,215,090. This represents a 64.02% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PTEN shares. Tudor Pickering cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Stifel Nicolaus upped their price target on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Piper Sandler raised their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Monday. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 target price (down previously from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $8.00.

Patterson-UTI Energy Stock Down 5.0%

Shares of PTEN opened at $8.14 on Friday. The business’s 50 day moving average is $6.89 and its 200 day moving average is $6.15. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $9.25. The company has a market capitalization of $3.09 billion, a PE ratio of -32.56 and a beta of 0.76.

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, beating analysts’ consensus estimates of ($0.11) by $0.09. The business had revenue of $1.15 billion during the quarter, compared to analyst estimates 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 company’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the firm posted ($0.13) EPS. Research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a $0.10 dividend. The ex-dividend date is Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 4.9%. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s payout ratio is presently -128.00%.

About Patterson-UTI Energy

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.