Thomist Capital Management LP Buys New Holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Thomist Capital Management LP bought a new stake in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 431,625 shares of the oil and gas company’s stock, valued at approximately $3,500,000. Patterson-UTI Energy makes up approximately 0.8% of Thomist Capital Management LP’s portfolio, making the stock its 25th biggest holding. Thomist Capital Management LP owned 0.11% of Patterson-UTI Energy at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. SIR Capital Management L.P. acquired a new stake in Patterson-UTI Energy in the fourth quarter valued at approximately $2,776,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Patterson-UTI Energy during the fourth quarter worth approximately $42,000. ProShare Advisors LLC raised its holdings in Patterson-UTI Energy by 44.7% during the fourth quarter. ProShare Advisors LLC now owns 116,600 shares of the oil and gas company’s stock worth $963,000 after purchasing an additional 36,033 shares in the last quarter. Quantinno Capital Management LP raised its holdings in Patterson-UTI Energy by 314.3% during the fourth quarter. Quantinno Capital Management LP now owns 52,408 shares of the oil and gas company’s stock worth $433,000 after purchasing an additional 39,758 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in Patterson-UTI Energy by 66.5% during the fourth quarter. Nuveen Asset Management LLC now owns 2,506,536 shares of the oil and gas company’s stock worth $20,704,000 after purchasing an additional 1,000,702 shares in the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on PTEN. The Goldman Sachs Group cut their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Barclays cut their price objective on shares of Patterson-UTI Energy from $11.00 to $8.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. Morgan Stanley cut their price objective on shares of Patterson-UTI Energy from $9.00 to $7.00 and set an “equal weight” rating on the stock in a report on Friday. Susquehanna lowered their target price on shares of Patterson-UTI Energy from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, April 14th. Finally, Stifel Nicolaus lowered their target price on shares of Patterson-UTI Energy from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $10.14.

Insider Activity at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. bought 25,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $7.88 per share, for a total transaction of $197,000.00. Following the transaction, the chief executive officer now owns 2,482,592 shares of the company’s stock, valued at approximately $19,562,824.96. This trade represents a 1.02% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director James Carl Stewart sold 48,149 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $7.42, for a total transaction of $357,265.58. Following the sale, the director now owns 85,475 shares in the company, valued at $634,224.50. The trade was a 36.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $6.11 on Friday. The firm’s fifty day moving average price is $6.68 and its 200 day moving average price is $7.71. Patterson-UTI Energy, Inc. has a 1-year low of $5.12 and a 1-year high of $11.70. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.54 and a quick ratio of 1.34. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of -2.47 and a beta of 1.33.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Wednesday, April 23rd. The oil and gas company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.04. Patterson-UTI Energy had a negative net margin of 18.00% and a positive return on equity of 0.81%. The firm had revenue of $1.28 billion for the quarter, compared to analyst estimates of $1.18 billion. During the same period last year, the firm posted $0.15 EPS. Patterson-UTI Energy’s quarterly revenue was down 15.2% on a year-over-year basis. On average, sell-side analysts expect that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Monday, June 2nd will be given a $0.08 dividend. The ex-dividend date is Monday, June 2nd. This represents a $0.32 dividend on an annualized basis and a yield of 5.24%. Patterson-UTI Energy’s dividend payout ratio (DPR) is -12.31%.

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.