Walleye Capital LLC Buys New Holdings in Patterson-UTI Energy, Inc. $PTEN

Walleye Capital LLC purchased a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the first quarter, Holdings Channel.com reports. The institutional investor purchased 312,266 shares of the oil and gas company’s stock, valued at approximately $3,382,000.

A number of other institutional investors have also recently bought and sold shares of PTEN. Dimensional Fund Advisors LP lifted its position in shares of Patterson-UTI Energy by 14.9% in the first quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock valued at $229,732,000 after buying an additional 2,745,872 shares during the last quarter. State Street Corp increased its holdings in shares of Patterson-UTI Energy by 0.5% during the 4th quarter. State Street Corp now owns 15,265,086 shares of the oil and gas company’s stock worth $93,270,000 after acquiring an additional 75,560 shares during the last quarter. Sourcerock Group LLC raised its stake in Patterson-UTI Energy by 109.2% in the 2nd quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after acquiring an additional 7,205,652 shares during the period. Goldman Sachs Group Inc. raised its stake in Patterson-UTI Energy by 110.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock valued at $64,517,000 after acquiring an additional 5,551,276 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Patterson-UTI Energy by 11.0% in the 1st quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock valued at $102,347,000 after acquiring an additional 934,766 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Stock Performance

Shares of NASDAQ PTEN opened at $10.34 on Friday. 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’s fifty day moving average price is $10.66 and its two-hundred day moving average price is $9.82. Patterson-UTI Energy, Inc. has a one year low of $5.10 and a one year high of $13.08. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of -33.35 and a beta of 0.62.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its earnings results 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. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. The business’s quarterly revenue was down 12.7% compared to the same quarter last year. On average, equities analysts forecast that Patterson-UTI Energy, Inc. will post -0.06 EPS for the current year.

Insiders Place Their Bets

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of Patterson-UTI Energy stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total value of $164,176.70. Following the completion of the sale, the chief accounting officer owned 56,842 shares in the company, valued at $682,672.42. The trade was a 19.39% 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, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $11.85, for a total transaction of $2,962,500.00. Following the completion of the sale, the chief executive officer directly owned 2,823,103 shares of the company’s stock, valued at $33,453,770.55. This represents a 8.14% 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 three months. Insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on PTEN. Zacks Research downgraded shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Capital One Financial upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 target price for the company in a research note on Monday, April 20th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Patterson-UTI Energy in a report on Tuesday, May 26th. Citigroup decreased their price target on shares of Patterson-UTI Energy from $11.00 to $10.50 and set a “neutral” rating on the stock in a research note on Monday, June 29th. Finally, Royal Bank Of Canada increased their price target on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Nine analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Patterson-UTI Energy presently has a consensus rating of “Hold” and a consensus target price of $12.15.

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.