66,200 Shares in Patterson-UTI Energy, Inc. $PTEN Bought by Versor Investments LP

Versor Investments LP acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the fourth quarter, Holdings Channel.com reports. The firm acquired 66,200 shares of the oil and gas company’s stock, valued at approximately $404,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in PTEN. Connable Office Inc. purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $147,000. International Assets Investment Management LLC purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $367,000. Principal Financial Group Inc. increased its stake in shares of Patterson-UTI Energy by 92.6% during the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after purchasing an additional 4,093,636 shares in the last quarter. Sage Rhino Capital LLC increased its stake 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 worth $155,000 after purchasing an additional 1,575 shares in the last quarter. Finally, Torren Management LLC purchased a new stake in shares of Patterson-UTI Energy during the fourth quarter worth about $44,000. 97.91% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the sale, the director owned 77,462 shares of the company’s stock, valued at $952,007.98. The trade was a 11.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of Patterson-UTI Energy stock in a transaction on Monday, May 4th. The stock was sold at an average price of $12.02, for a total value of $738,929.50. Following the transaction, the director owned 1,128,773 shares in the company, valued at approximately $13,567,851.46. This represents a 5.16% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 808,949 shares of company stock valued at $9,387,035 in the last 90 days. 2.20% of the stock is owned by insiders.

Patterson-UTI Energy Trading Up 1.0%

Shares of PTEN opened at $12.12 on Friday. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $12.62. The company has a quick ratio of 1.63, a current ratio of 1.84 and a debt-to-equity ratio of 0.39. The firm’s fifty day moving average is $10.72 and its two-hundred day moving average is $8.19. The stock has a market cap of $4.60 billion, a PE ratio of -39.10 and a beta of 0.64.

Patterson-UTI Energy (NASDAQ:PTEN) last announced 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. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. The business’s revenue for the quarter was down 12.7% on a year-over-year basis. Research analysts forecast that Patterson-UTI Energy, Inc. will post -0.21 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy’s payout ratio is -129.03%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PTEN shares. Piper Sandler boosted their target price on shares of Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a “neutral” rating in a research note on Monday, April 27th. The Goldman Sachs Group boosted their target price on shares of Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, April 15th. Morgan Stanley boosted their target price on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $10.00 to $15.00 in a research note on Thursday, May 7th. Finally, Zacks Research raised shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.80.

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.