Patterson-UTI Energy, Inc. $PTEN Stock Sold by Hennessy Advisors Inc.

Hennessy Advisors Inc. lowered its position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 8.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 747,700 shares of the oil and gas company’s stock after selling 73,100 shares during the quarter. Hennessy Advisors Inc.’s holdings in Patterson-UTI Energy were worth $8,165,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of PTEN. BlackRock Inc. purchased a new position in Patterson-UTI Energy during the second quarter valued at $577,234,000. Dimensional Fund Advisors LP boosted its holdings in Patterson-UTI Energy by 14.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 21,211,576 shares of the oil and gas company’s stock worth $229,732,000 after buying an additional 2,745,872 shares during the period. Principal Financial Group Inc. raised its position in shares of Patterson-UTI Energy by 11.0% during the first quarter. Principal Financial Group Inc. now owns 9,450,347 shares of the oil and gas company’s stock valued at $102,347,000 after buying an additional 934,766 shares during the last quarter. Webs Creek Capital Management LP bought a new position in Patterson-UTI Energy during the second quarter valued at approximately $53,729,934. Finally, Bank of America Corp DE purchased a new position in shares of Patterson-UTI Energy in the 2nd quarter worth $52,132,000. 97.91% of the stock is owned by institutional investors.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Stewart sold 207,000 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert Drummond Jr. sold 198,395 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total transaction of $2,549,375.75. Following the completion of the transaction, the director directly owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. The trade was a 17.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,027,000 shares of company stock valued at $12,698,780 over the last three months. 2.20% of the stock is currently owned by company insiders.

Patterson-UTI Energy Price Performance

Shares of NASDAQ PTEN opened at $13.32 on Monday. The company’s 50-day simple moving average is $11.89 and its 200-day simple moving average is $10.52. Patterson-UTI Energy, Inc. has a 52-week low of $5.24 and a 52-week high of $13.39. The company has a quick ratio of 1.57, a current ratio of 1.73 and a debt-to-equity ratio of 0.40. The firm has a market cap of $5.08 billion, a price-to-earnings ratio of -222.00 and a beta of 0.79.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, October 28th. The oil and gas company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.31 billion. Patterson-UTI Energy had a negative return on equity of 0.58% and a negative net margin of 0.52%. The firm’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the firm posted ($0.10) EPS. Equities analysts predict that Patterson-UTI Energy, Inc. will post 0.01 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.10 per share. The ex-dividend date is Tuesday, December 1st. This represents a $0.40 dividend on an annualized basis and a dividend yield of 3.0%. Patterson-UTI Energy’s dividend payout ratio is currently -666.67%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PTEN shares. UBS Group started coverage on Patterson-UTI Energy in a research report on Friday, October 2nd. They set a “neutral” rating and a $13.00 target price for the company. Citigroup decreased their price target on shares of Patterson-UTI Energy from $13.50 to $12.50 and set a “neutral” rating for the company in a research report on Friday, October 2nd. Royal Bank Of Canada boosted their target price on Patterson-UTI Energy from $15.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday. Susquehanna raised their price target on shares of Patterson-UTI Energy from $13.00 to $15.00 and gave the stock a “positive” rating in a report on Friday. Finally, Zacks Research downgraded Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Nine investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Patterson-UTI Energy currently has an average rating of “Moderate Buy” and a consensus price target of $13.59.

Trending Headlines about Patterson-UTI Energy

Here are the key news stories impacting Patterson-UTI Energy this week:

• Positive Sentiment: Analysts raised their price targets: Royal Bank of Canada increased its target from $15 to $17 and maintained an “outperform” rating. Royal Bank of Canada recommendations
• Positive Sentiment: Barclays raised its target from $16 to $17 and maintained an “overweight” rating, while Susquehanna lifted its target from $13 to $15 and assigned a “positive” rating. The revisions imply further upside and reflect improving expectations for PTEN’s earnings and operating performance. Barclays recommendations Susquehanna recommendations
• Positive Sentiment: Q3 results beat expectations: Patterson-UTI reported earnings of $0.07 per share versus the $0.04 consensus estimate, while revenue rose 14.1% year over year to $1.34 billion, above the $1.31 billion forecast. Results also improved from a $0.10-per-share loss in the prior-year quarter. Patterson-UTI Q3 earnings results
• Positive Sentiment: Constructive outlook: Management expects approximately $150 million in fourth-quarter drilling-services adjusted gross profit and plans to keep 2026 capital expenditures below $600 million. The combination of profitability and capital discipline supports the bullish analyst view. Patterson-UTI Q4 outlook
• Neutral Sentiment: PTEN declared a quarterly dividend of $0.10 per share, or $0.40 annualized, representing a yield of approximately 3.2%. The dividend adds shareholder income, although the company continues to report a slightly negative net margin and return on equity.

Patterson-UTI Energy Profile

Patterson-UTI Energy, Inc is an oilfield services company that provides drilling, completion and production-related services to oil and natural gas exploration and production companies. Its operations are primarily focused on onshore oil and gas development in the United States.

The company provides contract land drilling services through a fleet of rigs, as well as directional drilling and related technologies used to guide wellbores. Patterson-UTI also offers pressure pumping and hydraulic fracturing, wireline, well-completion, equipment rental and other services that support the development and maintenance of unconventional wells.

Patterson-UTI expanded its completion-services business through its 2023 merger with NexTier Oilfield Solutions.