Patterson-UTI Energy, Inc. $PTEN Shares Acquired by SG Americas Securities LLC

SG Americas Securities LLC lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 141.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 183,804 shares of the oil and gas company’s stock after acquiring an additional 107,638 shares during the period. SG Americas Securities LLC’s holdings in Patterson-UTI Energy were worth $1,123,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Patterson-UTI Energy by 143.4% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 47,613 shares of the oil and gas company’s stock valued at $316,000 after acquiring an additional 28,052 shares during the last quarter. Tudor Investment Corp ET AL acquired a new stake in shares of Patterson-UTI Energy during the third quarter valued at $2,206,000. Mirabella Financial Services LLP acquired a new stake in shares of Patterson-UTI Energy during the third quarter valued at $150,000. Swiss Life Asset Management Ltd acquired a new stake in shares of Patterson-UTI Energy during the third quarter valued at $85,000. Finally, CIBC Bancorp USA Inc. acquired a new stake in Patterson-UTI Energy in the 3rd quarter worth about $195,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

PTEN has been the topic of a number of research analyst reports. Royal Bank Of Canada raised their price target on Patterson-UTI Energy from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, February 6th. Citigroup raised their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Monday, February 9th. Bank of America reissued a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Susquehanna raised their price target on Patterson-UTI Energy from $10.00 to $13.00 and gave the stock a “positive” rating in a research note on Tuesday. Finally, The Goldman Sachs Group raised their price target on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a research note on Wednesday, March 4th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Patterson-UTI Energy has an average rating of “Hold” and an average price target of $8.78.

Patterson-UTI Energy Stock Down 8.0%

Shares of NASDAQ:PTEN opened at $10.33 on Thursday. The stock’s 50-day moving average price is $9.34 and its two-hundred day moving average price is $7.27. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of -41.32 and a beta of 0.57. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $11.75.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same period last year, the business posted ($0.13) EPS. On average, research analysts forecast that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were issued a $0.10 dividend. 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 dividend on an annualized basis and a dividend yield of 3.9%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -160.00%.

Insider Activity at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the firm’s 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 filing with the SEC, which is available through the SEC website. 2.40% of the stock is currently owned by company insiders.

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.