Westfield Capital Management Co. LP Buys 747,260 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Westfield Capital Management Co. LP increased its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 27.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,431,648 shares of the oil and gas company’s stock after acquiring an additional 747,260 shares during the quarter. Westfield Capital Management Co. LP owned about 0.82% of Patterson-UTI Energy worth $37,062,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PTEN. Commerce Bank boosted its position in shares of Patterson-UTI Energy by 4.7% during the fourth quarter. Commerce Bank now owns 26,298 shares of the oil and gas company’s stock worth $284,000 after purchasing an additional 1,186 shares in the last quarter. GW&K Investment Management LLC lifted its holdings in Patterson-UTI Energy by 4.4% during the fourth quarter. GW&K Investment Management LLC now owns 837,466 shares of the oil and gas company’s stock worth $9,044,000 after acquiring an additional 35,331 shares in the last quarter. Norges Bank acquired a new position in Patterson-UTI Energy in the fourth quarter valued at about $44,911,000. Verity Asset Management Inc. increased its holdings in shares of Patterson-UTI Energy by 56.7% in the fourth quarter. Verity Asset Management Inc. now owns 37,702 shares of the oil and gas company’s stock worth $407,000 after acquiring an additional 13,641 shares in the last quarter. Finally, Kingsview Wealth Management LLC bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at about $1,530,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of Patterson-UTI Energy stock in a transaction that occurred on Thursday, February 29th. The stock was sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the transaction, the director now directly owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the sale, the director now owns 2,473,239 shares in the company, valued at approximately $29,011,093.47. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the sale, the director now directly owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The disclosure for this sale can be found here. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Stock Up 0.6 %

Shares of NASDAQ:PTEN traded up $0.06 during midday trading on Friday, hitting $10.80. The stock had a trading volume of 4,103,903 shares, compared to its average volume of 6,239,042. The company has a market cap of $4.34 billion, a P/E ratio of 15.88, a PEG ratio of 1.73 and a beta of 2.23. Patterson-UTI Energy, Inc. has a 12 month low of $9.70 and a 12 month high of $16.17. The business’s 50-day simple moving average is $11.44 and its 200-day simple moving average is $11.27. The company has a quick ratio of 1.28, a current ratio of 1.48 and a debt-to-equity ratio of 0.26.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. During the same quarter last year, the company posted $0.46 earnings per share. On average, sell-side analysts forecast that Patterson-UTI Energy, Inc. will post 0.55 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date is Monday, June 3rd. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently 47.06%.

Analyst Upgrades and Downgrades

Several brokerages have commented on PTEN. Bank of America dropped their target price on shares of Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a report on Monday, April 15th. Piper Sandler lowered their target price on Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Monday, May 6th. Royal Bank of Canada dropped their price target on Patterson-UTI Energy from $17.00 to $16.00 and set an “outperform” rating on the stock in a research note on Friday, February 16th. Evercore ISI reduced their price objective on Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Friday, May 3rd. Finally, Raymond James dropped their target price on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Patterson-UTI Energy has an average rating of “Moderate Buy” and a consensus target price of $15.67.

Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.