Y Intercept Hong Kong Ltd Sells 116,818 Shares of Patterson-UTI Energy, Inc. $PTEN

Y Intercept Hong Kong Ltd reduced its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 40.2% in the first quarter, Holdings Channel reports. The institutional investor owned 173,716 shares of the oil and gas company’s stock after selling 116,818 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Patterson-UTI Energy were worth $1,881,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in PTEN. O Shaughnessy Asset Management LLC boosted its stake in shares of Patterson-UTI Energy by 11.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 13,901 shares of the oil and gas company’s stock worth $85,000 after acquiring an additional 1,420 shares during the last quarter. Aster Capital Management DIFC Ltd increased its stake in shares of Patterson-UTI Energy by 21.6% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 8,717 shares of the oil and gas company’s stock worth $53,000 after purchasing an additional 1,547 shares in the last quarter. Sage Rhino Capital LLC increased its stake in shares of Patterson-UTI Energy by 6.6% in the 4th quarter. Sage Rhino Capital LLC now owns 25,371 shares of the oil and gas company’s stock worth $155,000 after purchasing an additional 1,575 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Patterson-UTI Energy by 0.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 370,476 shares of the oil and gas company’s stock worth $2,197,000 after purchasing an additional 1,915 shares during the period. Finally, First Horizon Corp lifted its position in Patterson-UTI Energy by 58.5% during the fourth quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock valued at $34,000 after purchasing an additional 2,049 shares in the last quarter. 97.91% of the stock is currently owned by institutional investors.

Patterson-UTI Energy Stock Down 3.1%

Shares of PTEN opened at $9.40 on Friday. The business’s 50 day moving average is $11.04 and its 200 day moving average is $9.54. The company has a current ratio of 1.84, a quick ratio of 1.63 and a debt-to-equity ratio of 0.39. Patterson-UTI Energy, Inc. has a 12-month low of $5.10 and a 12-month high of $13.08. The company has a market capitalization of $3.57 billion, a PE ratio of -30.32 and a beta of 0.62.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy’s revenue was down 12.7% compared to the same quarter last year. Research analysts expect that Patterson-UTI Energy, Inc. will post -0.14 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.10 per share. The ex-dividend date was Monday, June 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.3%. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Piper Sandler boosted their price target on Patterson-UTI Energy from $12.00 to $13.00 and gave the company a “neutral” rating in a report on Wednesday, May 27th. Zacks Research cut Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Barclays raised shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $10.00 to $15.00 in a report on Thursday, May 7th. Finally, Stifel Nicolaus lifted their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $12.15.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the sale, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. The trade was a 26.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cesar Jaime sold 10,000 shares of the stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $12.29, for a total transaction of $122,900.00. Following the transaction, the director directly owned 77,462 shares of the company’s stock, valued at $952,007.98. This trade represents a 11.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 1,007,844 shares of company stock valued at $11,922,302 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.

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.