Patterson-UTI Energy, Inc. $PTEN Stock: M&G PLC Boosts Holdings

M&G PLC grew its stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 17.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 648,208 shares of the oil and gas company’s stock after acquiring an additional 95,921 shares during the period. M&G PLC owned 0.17% of Patterson-UTI Energy worth $7,130,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PTEN. Calamos Advisors LLC bought a new position in Patterson-UTI Energy in the third quarter valued at approximately $178,000. Kestra Advisory Services LLC acquired a new position in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $124,000. Oregon Public Employees Retirement Fund raised its stake in shares of Patterson-UTI Energy by 9.7% during the 3rd quarter. Oregon Public Employees Retirement Fund now owns 85,590 shares of the oil and gas company’s stock worth $935,000 after purchasing an additional 7,600 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Patterson-UTI Energy during the 3rd quarter worth approximately $471,000. Finally, ProShare Advisors LLC raised its stake in shares of Patterson-UTI Energy by 2.6% during the 3rd quarter. ProShare Advisors LLC now owns 51,413 shares of the oil and gas company’s stock worth $561,000 after purchasing an additional 1,297 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CEO William Hendricks, Jr. sold 250,000 shares of the firm’s stock in a transaction on Friday, September 18th. The stock was sold at an average price of $11.91, for a total transaction of $2,977,500.00. Following the completion of the sale, the chief executive officer owned 2,042,474 shares of the company’s stock, valued at $24,325,865.34. This trade represents a 10.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Seth Wexler sold 120,000 shares of the firm’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $12.75, for a total value of $1,530,000.00. Following the sale, the executive vice president directly owned 404,582 shares of the company’s stock, valued at $5,158,420.50. This represents a 22.88% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,027,000 shares of company stock worth $12,698,780 in the last quarter. Insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on PTEN. Wall Street Zen raised shares of Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday. Weiss Ratings upgraded shares of Patterson-UTI Energy from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, November 4th. Citigroup dropped their price target on shares of Patterson-UTI Energy from $12.50 to $11.00 and set a “neutral” rating on the stock in a research report on Tuesday. Barclays increased their price target on shares of Patterson-UTI Energy from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Friday, October 30th. Finally, Morgan Stanley increased their price target on shares of Patterson-UTI Energy from $12.00 to $13.00 and gave the company an “equal weight” rating in a research note on Monday, November 2nd. Nine analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.95.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $10.05 on Wednesday. The business’s 50 day moving average price is $11.67 and its two-hundred day moving average price is $10.64. The company has a market cap of $3.81 billion, a PE ratio of -167.50 and a beta of 0.79. The company has a quick ratio of 1.57, a current ratio of 1.73 and a debt-to-equity ratio of 0.40. Patterson-UTI Energy, Inc. has a twelve month low of $5.24 and a twelve month high of $13.39.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.03. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. The firm had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.31 billion. During the same quarter in the prior year, the company earned ($0.10) earnings per share. The business’s revenue for the quarter was up 14.1% compared to the same quarter last year. On average, analysts predict that Patterson-UTI Energy, Inc. will post 0.02 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Investors of record on Tuesday, December 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date is Tuesday, December 1st. Patterson-UTI Energy’s dividend payout ratio is -666.67%.

About Patterson-UTI Energy

Patterson-UTI Energy provides contract drilling and related services to oil and natural gas exploration and production companies. Its offerings include land-based drilling rigs, directional drilling, pressure pumping and other well-completion services, as well as equipment and technologies used in drilling operations. The company serves customers across major U.S. oil and gas regions, including the Permian Basin and other active shale areas. Its operations combine services that support wells through multiple stages, from drilling to completion.