Bridgeway Capital Management LLC Purchases New Position in Patterson-UTI Energy, Inc. $PTEN

Bridgeway Capital Management LLC purchased a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 2,679,554 shares of the oil and gas company’s stock, valued at approximately $16,372,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. O Shaughnessy Asset Management LLC increased its position in shares of Patterson-UTI Energy by 11.4% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock valued at $85,000 after buying an additional 1,420 shares during the period. Aster Capital Management DIFC Ltd increased its position in shares of Patterson-UTI Energy by 21.6% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock valued at $53,000 after buying an additional 1,547 shares during the period. Sage Rhino Capital LLC increased its position in shares of Patterson-UTI Energy by 6.6% during the fourth quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock valued at $155,000 after buying an additional 1,575 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Patterson-UTI Energy by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock valued at $2,197,000 after buying an additional 1,915 shares during the period. Finally, First Horizon Corp increased its position in shares of Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 2,049 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analysts Set New Price Targets

PTEN has been the topic of several research analyst reports. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. The Goldman Sachs Group boosted their price target on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Thursday, June 4th. Morgan Stanley boosted 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 boosted their price target on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the company a “positive” rating in a research report on Wednesday, May 27th. Finally, Royal Bank Of Canada boosted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Eight research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Patterson-UTI Energy presently has a consensus rating of “Hold” and an average target price of $12.40.

Insider Transactions at Patterson-UTI Energy

In other news, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the transaction, the chief operating officer owned 421,523 shares in the company, valued at approximately $4,834,868.81. This represents a 26.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 322,699 shares of the company’s stock in a transaction that occurred on 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 owned 1,190,248 shares in the company, valued at approximately $14,330,585.92. This represents a 21.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 1,007,844 shares of company stock valued at $11,922,302. 2.20% of the stock is currently owned by insiders.

Patterson-UTI Energy Trading Down 0.5%

NASDAQ:PTEN opened at $10.30 on Thursday. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The company’s 50-day simple moving average is $11.41 and its 200 day simple moving average is $9.17. The firm has a market capitalization of $3.91 billion, a P/E ratio of -33.22 and a beta of 0.61.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The business’s quarterly revenue was down 12.7% on a year-over-year basis. As a group, analysts forecast that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

Patterson-UTI Energy Company 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.