Tudor Investment Corp ET AL Invests $2.21 Million in Patterson-UTI Energy, Inc. $PTEN

Tudor Investment Corp ET AL acquired a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 425,965 shares of the oil and gas company’s stock, valued at approximately $2,206,000. Tudor Investment Corp ET AL owned 0.11% of Patterson-UTI Energy as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Royal Bank of Canada grew its holdings in shares of Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock worth $1,397,000 after purchasing an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Patterson-UTI Energy by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after acquiring an additional 10,142 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Patterson-UTI Energy by 4.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after acquiring an additional 220,422 shares during the period. United Services Automobile Association bought a new stake in shares of Patterson-UTI Energy during the first quarter valued at approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Patterson-UTI Energy by 3.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after acquiring an additional 30,217 shares in the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. JPMorgan Chase & Co. restated an “underweight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a report on Wednesday, December 10th. The Goldman Sachs Group raised their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Royal Bank Of Canada boosted their price target on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, February 6th. Finally, Piper Sandler increased their price objective on shares of Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Monday, February 9th. Five analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $8.11.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $10.18, for a total value of $1,677,409.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.40% of the stock is owned by corporate insiders.

Patterson-UTI Energy Stock Up 0.9%

NASDAQ:PTEN opened at $11.36 on Friday. The company’s 50-day simple moving average is $8.80 and its 200-day simple moving average is $6.97. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.46 and a current ratio of 1.64. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $11.58. The stock has a market capitalization of $4.31 billion, a P/E ratio of -45.44 and a beta of 0.71.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. During the same quarter in the prior year, the company posted ($0.13) earnings per share. Patterson-UTI Energy’s revenue for the quarter was down 1.0% compared to the same quarter last year. On average, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current fiscal year.

Patterson-UTI Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were paid a dividend of $0.10 per share. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date was Monday, March 2nd. This represents a $0.40 annualized dividend and a yield of 3.5%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -160.00%.

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.