Kornitzer Capital Management Inc. KS Decreases Stock Position in Patterson-UTI Energy, Inc. $PTEN

Kornitzer Capital Management Inc. KS lessened its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 34.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 386,840 shares of the oil and gas company’s stock after selling 206,480 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Patterson-UTI Energy were worth $4,189,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Quarry LP increased its holdings in shares of Patterson-UTI Energy by 360.3% in 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 last quarter. First Horizon Corp increased its stake in Patterson-UTI Energy by 58.5% in the 4th quarter. First Horizon Corp now owns 5,554 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 2,049 shares during the last quarter. Rockefeller Capital Management L.P. raised its holdings in shares of Patterson-UTI Energy by 187.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 6,591 shares of the oil and gas company’s stock worth $40,000 after acquiring an additional 4,299 shares in the last quarter. Torren Management LLC bought a new position in shares of Patterson-UTI Energy during the 4th quarter valued at approximately $44,000. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Patterson-UTI Energy by 494.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 8,621 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 7,171 shares during the last quarter. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Patterson-UTI Energy Trading Down 0.1%

Shares of NASDAQ PTEN traded down $0.01 during trading hours on Friday, hitting $9.39. 4,895,989 shares of the company traded hands, compared to its average volume of 10,059,836. The company’s 50 day moving average price is $10.98 and its 200 day moving average price is $9.54. Patterson-UTI Energy, Inc. has a 12 month low of $5.10 and a 12 month high of $13.08. The stock has a market capitalization of $3.56 billion, a price-to-earnings ratio of -30.29 and a beta of 0.62. 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 issued its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. The company 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%.Patterson-UTI Energy’s quarterly revenue was down 12.7% on a year-over-year basis. On average, equities research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.12 earnings per share for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $0.40 annualized dividend and a dividend yield of 4.3%. Patterson-UTI Energy’s dividend payout ratio is currently -129.03%.

Insider Transactions at Patterson-UTI Energy

In related news, CEO William Andrew Hendricks, Jr. sold 200,000 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $11.64, for a total transaction of $2,328,000.00. Following the transaction, the chief executive officer directly owned 2,542,474 shares in the company, valued at approximately $29,594,397.36. This represents a 7.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO James Michael Holcomb sold 150,000 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $11.47, for a total transaction of $1,720,500.00. Following the completion of the sale, the chief operating officer directly owned 421,523 shares in the company, valued at $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. In the last ninety days, insiders have sold 1,007,844 shares of company stock worth $11,922,302. 2.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PTEN has been the topic of several research reports. Barclays upgraded shares of Patterson-UTI Energy from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $10.00 to $15.00 in a research report on Thursday, May 7th. Morgan Stanley increased their price objective on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. KeyCorp raised shares of Patterson-UTI Energy to an “overweight” rating in a research note on Wednesday, May 27th. Stifel Nicolaus boosted their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, June 16th. Finally, Royal Bank Of Canada upped their target price on shares of Patterson-UTI Energy from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Eight analysts have rated the stock with a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $12.15.

About Patterson-UTI Energy

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.