Gamco Investors INC. ET AL Has $328,000 Stake in Patterson-UTI Energy, Inc. $PTEN

Gamco Investors INC. ET AL trimmed its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 43.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 53,725 shares of the oil and gas company’s stock after selling 41,223 shares during the period. Gamco Investors INC. ET AL’s holdings in Patterson-UTI Energy were worth $328,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PTEN. Quarry LP raised its position in shares of Patterson-UTI Energy by 360.3% during the third quarter. Quarry LP now owns 4,934 shares of the oil and gas company’s stock worth $26,000 after purchasing an additional 3,862 shares during the period. First Horizon Corp raised its position in shares of 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 worth $34,000 after purchasing an additional 2,049 shares during the period. Aster Capital Management DIFC Ltd acquired a new position in shares of Patterson-UTI Energy during the third quarter worth approximately $37,000. Torren Management LLC acquired a new position in shares of Patterson-UTI Energy during the fourth quarter worth approximately $44,000. Finally, EverSource Wealth Advisors LLC raised its position in shares of Patterson-UTI Energy by 494.6% during the second quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 7,171 shares during the period. 97.91% of the stock is owned by institutional investors and hedge funds.

Patterson-UTI Energy Trading Up 0.8%

Shares of Patterson-UTI Energy stock opened at $12.31 on Friday. The stock has a fifty day simple moving average of $11.11 and a 200 day simple moving average of $8.43. 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 $4.67 billion, a P/E ratio of -39.71 and a beta of 0.64. 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 (NASDAQ:PTEN) last announced its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.04. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The business’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Patterson-UTI Energy, Inc. will post -0.19 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s dividend payout ratio is -129.03%.

Wall Street Analyst Weigh In

PTEN has been the topic of a number of research reports. Barclays raised Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. Morgan Stanley upped their price target on Patterson-UTI Energy from $7.00 to $10.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. Stifel Nicolaus upped their price target on Patterson-UTI Energy from $11.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, April 24th. Capital One Financial upgraded Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and set a $12.00 price target for the company in a report on Monday, April 20th. Finally, Zacks Research upgraded Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average target price of $11.80.

Insider Buying and Selling at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 250,000 shares of the firm’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 owned 2,823,103 shares in the company, valued at approximately $33,453,770.55. This trade represents a 8.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Cesar Jaime sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the sale, the director 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 808,949 shares of company stock worth $9,387,035 in the last quarter. 2.20% of the stock is currently owned by company insiders.

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.