Picton Mahoney Asset Management Invests $1.74 Million in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Picton Mahoney Asset Management bought a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 160,782 shares of the oil and gas company’s stock, valued at approximately $1,736,000.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Capital Advisors Ltd. LLC bought a new position in shares of Patterson-UTI Energy in the third quarter worth approximately $25,000. Parkside Financial Bank & Trust lifted its position in shares of Patterson-UTI Energy by 635.8% in the 3rd quarter. Parkside Financial Bank & Trust now owns 3,002 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,594 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Patterson-UTI Energy by 350.7% during the 3rd quarter. Lindbrook Capital LLC now owns 3,263 shares of the oil and gas company’s stock valued at $45,000 after purchasing an additional 2,539 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Patterson-UTI Energy during the 4th quarter valued at about $77,000. Finally, DekaBank Deutsche Girozentrale bought a new position in Patterson-UTI Energy in the third quarter worth about $98,000. Institutional investors own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on PTEN. Bank of America reduced their target price on Patterson-UTI Energy from $14.50 to $14.00 and set a “buy” rating on the stock in a report on Monday, April 15th. Raymond James lowered their price objective on Patterson-UTI Energy from $16.00 to $15.00 and set a “strong-buy” rating for the company in a research report on Friday, February 16th. Susquehanna reaffirmed a “positive” rating and issued a $16.00 target price on shares of Patterson-UTI Energy in a research report on Monday, April 8th. Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a research report on Monday. Finally, Piper Sandler lowered their target price on shares of Patterson-UTI Energy from $17.00 to $14.00 and set an “overweight” rating for the company in a report on Monday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.67.

Patterson-UTI Energy Stock Down 2.1 %

PTEN opened at $10.77 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.41 and a debt-to-equity ratio of 0.26. The firm has a 50 day moving average price of $11.59 and a 200-day moving average price of $11.42. Patterson-UTI Energy, Inc. has a twelve month low of $9.70 and a twelve month high of $16.17. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of 15.84, a PEG ratio of 1.57 and a beta of 2.23.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, May 1st. The oil and gas company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.58%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same period in the previous year, the company earned $0.46 earnings per share. Equities research analysts forecast that Patterson-UTI Energy, Inc. will post 0.59 earnings per share for the current year.

Patterson-UTI Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 3rd will be issued a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $0.32 dividend on an annualized basis and a yield of 2.97%. Patterson-UTI Energy’s dividend payout ratio is currently 47.06%.

Insider Buying and Selling at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Robert Wayne Drummond, Jr. sold 187,916 shares of the company’s stock in a transaction that occurred on Thursday, February 29th. The shares were sold at an average price of $11.73, for a total transaction of $2,204,254.68. Following the completion of the sale, the director now directly owns 2,473,239 shares of the company’s stock, valued at $29,011,093.47. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.