Patterson-UTI Energy, Inc. $PTEN Shares Acquired by Stanley Laman Group Ltd.

Stanley Laman Group Ltd. lifted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 17.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 498,915 shares of the oil and gas company’s stock after purchasing an additional 72,633 shares during the period. Stanley Laman Group Ltd. owned 0.13% of Patterson-UTI Energy worth $3,048,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Royal Bank of Canada lifted its holdings in Patterson-UTI Energy by 23.7% in the first quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after acquiring an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Patterson-UTI Energy by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock valued at $1,904,000 after acquiring an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock valued at $39,024,000 after acquiring an additional 220,422 shares during the last quarter. United Services Automobile Association acquired a new position in Patterson-UTI Energy in the first quarter valued at approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after acquiring an additional 30,217 shares during the last quarter. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 164,775 shares of the company’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $10.18, for a total transaction of $1,677,409.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 2.30% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $10.05 on Monday. The firm has a market cap of $3.81 billion, a price-to-earnings ratio of -40.20 and a beta of 0.57. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $11.75. The business’s 50 day moving average is $9.45 and its two-hundred day moving average is $7.34.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.10 billion. Patterson-UTI Energy had a negative return on equity of 1.50% and a negative net margin of 1.94%.The firm’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.13) earnings per share. Research analysts predict that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.10 per share. This is an increase from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Monday, March 2nd. Patterson-UTI Energy’s dividend payout ratio is currently -160.00%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PTEN shares. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a report on Monday, March 2nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Patterson-UTI Energy in a report on Monday, December 29th. Stifel Nicolaus upped their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the company a “buy” rating in a report on Friday, February 6th. Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, February 6th. Finally, Susquehanna boosted their target price on Patterson-UTI Energy from $10.00 to $13.00 and gave the company a “positive” rating in a research report on Tuesday, April 7th. Five equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $8.78.

Patterson-UTI Energy 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.