57,107 Patterson-UTI Energy, Inc. $PTEN Shares Sold by Penn Capital Management Company LLC

Penn Capital Management Company LLC trimmed its position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 2.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,933,118 shares of the oil and gas company’s stock after selling 57,107 shares during the quarter. Patterson-UTI Energy accounts for 1.5% of Penn Capital Management Company LLC’s investment portfolio, making the stock its 11th largest holding. Penn Capital Management Company LLC’s holdings in Patterson-UTI Energy were worth $21,151,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. M&G PLC raised its stake in shares of Patterson-UTI Energy by 17.4% in the third quarter. M&G PLC now owns 648,208 shares of the oil and gas company’s stock worth $7,130,000 after purchasing an additional 95,921 shares during the last quarter. Calamos Advisors LLC bought a new stake in shares of Patterson-UTI Energy in the 3rd quarter worth $178,000. Kestra Advisory Services LLC purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $124,000. Oregon Public Employees Retirement Fund raised its holdings in shares of Patterson-UTI Energy by 9.7% in the third quarter. Oregon Public Employees Retirement Fund now owns 85,590 shares of the oil and gas company’s stock valued at $935,000 after purchasing an additional 7,600 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. purchased a new stake in shares of Patterson-UTI Energy in the third quarter valued at about $471,000. Institutional investors and hedge funds own 97.91% of the company’s stock.

Insider Buying and Selling at Patterson-UTI Energy

In other news, Director Robert Wayne Drummond, Jr. sold 198,395 shares of the stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $12.85, for a total value of $2,549,375.75. Following the sale, the director directly owned 928,773 shares of the company’s stock, valued at approximately $11,934,733.05. This represents a 17.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director James Stewart sold 207,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $11.54, for a total transaction of $2,388,780.00. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,027,000 shares of company stock valued at $12,698,780. 2.20% of the stock is owned by corporate insiders.

Patterson-UTI Energy Stock Performance

NASDAQ PTEN opened at $9.86 on Tuesday. The company has a market capitalization of $3.74 billion, a PE ratio of -164.33 and a beta of 0.79. The company has a debt-to-equity ratio of 0.40, a quick ratio of 1.57 and a current ratio of 1.73. Patterson-UTI Energy, Inc. has a 52-week low of $5.24 and a 52-week high of $13.39. The company has a 50-day simple moving average of $11.72 and a 200 day simple moving average of $10.62.

Patterson-UTI Energy (NASDAQ:PTEN) last released its earnings results 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. Patterson-UTI Energy had a negative net margin of 0.52% and a negative return on equity of 0.58%. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.31 billion. During the same period in the previous year, the company earned ($0.10) earnings per share. The company’s quarterly revenue was up 14.1% on a year-over-year basis. On average, research analysts predict that Patterson-UTI Energy, Inc. will post 0.02 EPS for the current year.

Patterson-UTI Energy Announces Dividend

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 given a $0.10 dividend. The ex-dividend date of this dividend is Tuesday, December 1st. This represents a $0.40 annualized dividend and a dividend yield of 4.1%. Patterson-UTI Energy’s payout ratio is -666.67%.

Analyst Upgrades and Downgrades

PTEN has been the topic of several analyst reports. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 27th. Wall Street Zen upgraded Patterson-UTI Energy from a “hold” rating to a “buy” rating in a research note on Saturday. Barclays upped their target price on Patterson-UTI Energy from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Friday, October 30th. JPMorgan Chase & Co. raised Patterson-UTI Energy from an “underweight” rating to a “neutral” rating and set a $12.00 price target for the company in a research report on Friday, July 31st. Finally, Susquehanna boosted their price objective on Patterson-UTI Energy from $13.00 to $15.00 and gave the stock a “positive” rating in a research report on Friday, October 30th. Nine equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Moderate Buy” and an average target price of $14.09.

Patterson-UTI Energy Profile

Patterson-UTI Energy provides contract drilling and related services to oil and natural gas exploration and production companies. Its offerings include land-based drilling rigs, directional drilling, pressure pumping and other well-completion services, as well as equipment and technologies used in drilling operations.

The company serves customers across major U.S. oil and gas regions, including the Permian Basin and other active shale areas. Its operations combine services that support wells through multiple stages, from drilling to completion.

Patterson-UTI has expanded its service capabilities through acquisitions, including its 2023 combination with NexTier Oilfield Solutions, which strengthened its pressure-pumping and completion-services business.