Havemeyer Place LP Buys Shares of 109,842 Patterson-UTI Energy, Inc. $PTEN

Havemeyer Place LP bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 4th quarter, Holdings Channel.com reports. The fund bought 109,842 shares of the oil and gas company’s stock, valued at approximately $671,000.

Several other hedge funds also recently modified their holdings of the business. Citigroup Inc. boosted its holdings in Patterson-UTI Energy by 10.3% in the third quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock worth $7,717,000 after purchasing an additional 139,561 shares in the last quarter. Public Sector Pension Investment Board raised its holdings in Patterson-UTI Energy by 14.2% during the third quarter. Public Sector Pension Investment Board now owns 1,367,213 shares of the oil and gas company’s stock valued at $7,082,000 after buying an additional 169,816 shares in the last quarter. Magnetar Financial LLC raised its holdings in Patterson-UTI Energy by 728.4% during the third quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company’s stock valued at $1,455,000 after buying an additional 247,010 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Patterson-UTI Energy by 141.3% in the fourth quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock worth $1,123,000 after buying an additional 107,638 shares during the last quarter. Finally, Tudor Investment Corp ET AL acquired a new stake in shares of Patterson-UTI Energy in the third quarter worth about $2,206,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on PTEN shares. Piper Sandler raised their price objective on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “neutral” rating in a research note on Wednesday, May 27th. Royal Bank Of Canada upped their price objective on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, April 10th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research report on Wednesday, May 27th. Finally, Morgan Stanley upped their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. One equities research analyst has rated the stock with a Strong Buy rating, eight 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 MarketBeat, Patterson-UTI Energy currently has a consensus rating of “Moderate Buy” and an average target price of $12.30.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $12.02, for a total value of $738,929.50. Following the transaction, the director directly owned 1,128,773 shares of the company’s stock, valued at $13,567,851.46. This represents a 5.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the sale, the chief operating officer owned 421,523 shares of the company’s stock, valued at $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 958,949 shares of company stock valued at $11,107,535 over the last ninety days. 2.20% of the stock is owned by insiders.

Patterson-UTI Energy Trading Up 3.4%

Shares of NASDAQ PTEN opened at $11.90 on Tuesday. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08. The firm has a market capitalization of $4.52 billion, a P/E ratio of -38.39 and a beta of 0.61. 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 company’s 50 day simple moving average is $11.36 and its 200 day simple moving average is $8.89.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS 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 analyst estimates of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, analysts predict that Patterson-UTI Energy, Inc. will post -0.15 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -129.03%.

About Patterson-UTI Energy

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.