Horizon Kinetics Asset Management LLC Sells 68,700 Shares of Patterson-UTI Energy, Inc. $PTEN

Horizon Kinetics Asset Management LLC lessened its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 21.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 258,608 shares of the oil and gas company’s stock after selling 68,700 shares during the period. Horizon Kinetics Asset Management LLC’s holdings in Patterson-UTI Energy were worth $1,580,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Citigroup Inc. grew its stake in shares of Patterson-UTI Energy by 10.3% in the 3rd quarter. Citigroup Inc. now owns 1,489,694 shares of the oil and gas company’s stock worth $7,717,000 after acquiring an additional 139,561 shares in the last quarter. Public Sector Pension Investment Board grew its stake in shares of Patterson-UTI Energy by 14.2% in the 3rd quarter. Public Sector Pension Investment Board now owns 1,367,213 shares of the oil and gas company’s stock worth $7,082,000 after acquiring an additional 169,816 shares in the last quarter. Magnetar Financial LLC grew its stake in shares of Patterson-UTI Energy by 728.4% in the 3rd quarter. Magnetar Financial LLC now owns 280,919 shares of the oil and gas company’s stock worth $1,455,000 after acquiring an additional 247,010 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Patterson-UTI Energy by 141.3% in the 4th quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock worth $1,123,000 after acquiring an additional 107,638 shares in the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth $2,206,000. Institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. KeyCorp upgraded shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Zacks Research upgraded shares of Patterson-UTI Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, April 10th. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Finally, Susquehanna upped their target price on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a “positive” rating in a research note on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Patterson-UTI Energy has an average rating of “Moderate Buy” and an average price target of $12.30.

Insider Buying and Selling

In other Patterson-UTI Energy news, CAO Forrest C. Robinson sold 13,670 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $12.01, for a total transaction of $164,176.70. Following the sale, the chief accounting officer directly owned 56,842 shares of the company’s stock, valued at $682,672.42. This represents a 19.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO James Michael Holcomb sold 150,000 shares of the company’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the sale, the chief operating officer directly owned 421,523 shares in the company, valued at approximately $4,834,868.81. This trade represents a 26.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 1,172,619 shares of company stock worth $13,599,712 in the last ninety days. Corporate insiders own 2.20% of the company’s stock.

Patterson-UTI Energy Price Performance

Shares of NASDAQ:PTEN opened at $12.02 on Thursday. The company’s 50-day moving average is $11.38 and its 200 day moving average is $8.98. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.63 and a current ratio of 1.84. The company has a market capitalization of $4.56 billion, a P/E ratio of -38.77 and a beta of 0.61. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly 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. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. The firm’s revenue for the quarter was down 12.7% compared to the same quarter last year. On average, equities research analysts forecast that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Monday, June 1st. Patterson-UTI Energy’s payout ratio is -129.03%.

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.