Holocene Advisors LP Increases Stock Holdings in Patterson-UTI Energy, Inc. $PTEN

Holocene Advisors LP increased its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 176.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,228,022 shares of the oil and gas company’s stock after purchasing an additional 5,891,956 shares during the quarter. Holocene Advisors LP owned 2.43% of Patterson-UTI Energy worth $47,801,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of PTEN. Dimensional Fund Advisors LP raised its holdings in 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 in the last quarter. American Century Companies Inc. boosted its holdings in Patterson-UTI Energy by 7.9% in the 3rd quarter. American Century Companies Inc. now owns 15,599,294 shares of the oil and gas company’s stock valued at $80,804,000 after purchasing an additional 1,135,704 shares in the last quarter. Sourcerock Group LLC increased its position in Patterson-UTI Energy by 109.2% during the 2nd 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 period. Bank of America Corp DE increased its position in Patterson-UTI Energy by 1.5% during the 2nd quarter. Bank of America Corp DE now owns 5,710,369 shares of the oil and gas company’s stock worth $33,862,000 after purchasing an additional 82,817 shares during the period. Finally, Van ECK Associates Corp raised its stake in shares of Patterson-UTI Energy by 1.8% during the 3rd quarter. Van ECK Associates Corp now owns 5,469,093 shares of the oil and gas company’s stock worth $28,330,000 after buying an additional 97,727 shares in the last quarter. 97.91% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on PTEN shares. Piper Sandler raised their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Citigroup raised their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Royal Bank Of Canada boosted their target price on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, February 6th. Finally, The Goldman Sachs Group upped their price target on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $8.11.

Patterson-UTI Energy Price Performance

NASDAQ:PTEN opened at $10.14 on Tuesday. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $10.46. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -40.56 and a beta of 0.71. The company’s 50-day moving average is $8.08 and its two-hundred day moving average is $6.65. 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 (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 1.0% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.13) earnings per share. Research analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 16th. Shareholders of record on Monday, March 2nd were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend was Monday, March 2nd. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. Patterson-UTI Energy’s dividend payout ratio is presently -160.00%.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the business’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the transaction, the director directly owned 207,000 shares in the company, valued at approximately $1,215,090. The trade was a 64.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 2.30% 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.