Jefferies Financial Group Inc. Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Jefferies Financial Group Inc. purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 379,584 shares of the oil and gas company’s stock, valued at approximately $2,319,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in PTEN. Quarry LP grew its position in shares of Patterson-UTI Energy by 360.3% during the 3rd quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after buying an additional 3,862 shares in the last quarter. First Horizon Corp grew its position in shares of Patterson-UTI Energy by 58.5% during the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after buying an additional 2,049 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Patterson-UTI Energy during the 3rd quarter worth $37,000. Torren Management LLC bought a new position in shares of Patterson-UTI Energy during the 4th quarter worth $44,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after buying an additional 7,171 shares in the last quarter. Institutional investors own 97.91% of the company’s stock.

Insider Buying and Selling

In related news, Director Cesar Jaime sold 10,000 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the sale, the director directly owned 77,462 shares in the company, valued at $952,007.98. This represents a 11.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the company’s 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 sale, the director owned 1,128,773 shares of the company’s stock, valued at $13,567,851.46. This trade represents a 5.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 808,949 shares of company stock worth $9,387,035 in the last three months. 2.20% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on PTEN. Morgan Stanley increased their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 15th. Stifel Nicolaus increased their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, April 24th. Piper Sandler increased their price target on Patterson-UTI Energy from $10.00 to $12.00 and gave the stock a “neutral” rating in a research report on Monday, April 27th. Zacks Research raised Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 10th. Finally, Royal Bank Of Canada increased their price target on Patterson-UTI Energy from $12.00 to $14.00 and gave the stock an “outperform” rating in a research report on Friday, April 24th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $11.80.

Patterson-UTI Energy Trading Down 1.5%

Shares of NASDAQ PTEN opened at $12.12 on Wednesday. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The stock has a market capitalization of $4.60 billion, a P/E ratio of -39.10 and a beta of 0.64. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08. The business has a fifty day moving average price of $11.20 and a 200 day moving average price of $8.54.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.Patterson-UTI Energy’s revenue for the quarter was down 12.7% compared to the same quarter last year. Equities research analysts expect that Patterson-UTI Energy, Inc. will post -0.19 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

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

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.