Van ECK Associates Corp Boosts Stake in Patterson-UTI Energy, Inc. $PTEN

Van ECK Associates Corp boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 1.8% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,469,093 shares of the oil and gas company’s stock after acquiring an additional 97,727 shares during the quarter. Van ECK Associates Corp owned 1.44% of Patterson-UTI Energy worth $28,330,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PTEN. Sourcerock Group LLC grew 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 in the last quarter. Norges Bank purchased a new position in Patterson-UTI Energy in the 2nd quarter worth approximately $25,987,000. Holocene Advisors LP increased its holdings in shares of Patterson-UTI Energy by 7,113.3% in the 2nd quarter. Holocene Advisors LP now owns 3,336,066 shares of the oil and gas company’s stock worth $19,783,000 after buying an additional 3,289,817 shares during the last quarter. American Century Companies Inc. raised its position in shares of Patterson-UTI Energy by 23.4% during the 2nd quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock valued at $85,769,000 after buying an additional 2,746,159 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Patterson-UTI Energy by 444.2% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,020,212 shares of the oil and gas company’s stock worth $17,910,000 after acquiring an additional 2,465,209 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Up 3.4%

Shares of PTEN stock opened at $9.82 on Thursday. The business has a 50-day moving average of $7.86 and a 200 day moving average of $6.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.64 and a quick ratio of 1.46. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $9.91. The stock has a market capitalization of $3.73 billion, a PE ratio of -39.28 and a beta of 0.71.

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 for the quarter, beating the consensus estimate of ($0.11) by $0.09. The firm had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.13) earnings per share. As a group, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Increases Dividend

The company 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. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 4.1%. Patterson-UTI Energy’s payout ratio is -160.00%.

Insider Activity

In other news, Director James Carl Stewart sold 368,254 shares of the company’s 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 directly owned 207,000 shares of the company’s stock, valued at approximately $1,215,090. This represents a 64.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. The Goldman Sachs Group increased their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Piper Sandler upped their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a report on Monday, February 9th. Citigroup increased their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday, February 9th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $6.00 target price (down from $7.00) on shares of Patterson-UTI Energy in a research note on Wednesday, December 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research report on Monday, December 29th. Five investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $8.11.

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.