Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Sold by MQS Management LLC

MQS Management LLC lessened its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 62.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 10,003 shares of the oil and gas company’s stock after selling 16,414 shares during the quarter. MQS Management LLC’s holdings in Patterson-UTI Energy were worth $119,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Raymond James & Associates boosted its stake in Patterson-UTI Energy by 22.2% in the 4th quarter. Raymond James & Associates now owns 632,943 shares of the oil and gas company’s stock worth $6,836,000 after purchasing an additional 114,868 shares during the period. AlphaMark Advisors LLC boosted its stake in Patterson-UTI Energy by 13.6% in the 4th quarter. AlphaMark Advisors LLC now owns 19,843 shares of the oil and gas company’s stock worth $214,000 after purchasing an additional 2,374 shares during the period. Arizona State Retirement System boosted its stake in Patterson-UTI Energy by 1.5% in the 4th quarter. Arizona State Retirement System now owns 99,484 shares of the oil and gas company’s stock worth $1,074,000 after purchasing an additional 1,506 shares during the period. DekaBank Deutsche Girozentrale boosted its stake in Patterson-UTI Energy by 46.9% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 10,010 shares of the oil and gas company’s stock worth $107,000 after purchasing an additional 3,196 shares during the period. Finally, Vaughan Nelson Investment Management L.P. boosted its stake in Patterson-UTI Energy by 3.4% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 2,647,627 shares of the oil and gas company’s stock worth $28,595,000 after purchasing an additional 88,145 shares during the period. Institutional investors and hedge funds own 97.91% of the company’s stock.

Patterson-UTI Energy Price Performance

PTEN traded up $0.51 during midday trading on Thursday, hitting $10.44. The company had a trading volume of 13,128,807 shares, compared to its average volume of 6,907,459. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.28 and a current ratio of 1.48. The company has a market capitalization of $4.19 billion, a PE ratio of 15.35 and a beta of 2.19. Patterson-UTI Energy, Inc. has a twelve month low of $9.51 and a twelve month high of $16.17. The firm’s 50-day simple moving average is $10.38 and its 200-day simple moving average is $10.94.

Patterson-UTI Energy (NASDAQ:PTEN) last issued its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. Patterson-UTI Energy had a net margin of 4.07% and a return on equity of 7.13%. The company had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the company earned $0.46 EPS. Equities research analysts predict that Patterson-UTI Energy, Inc. will post 0.48 EPS for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Monday, June 3rd were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 3.07%. The ex-dividend date of this dividend was Monday, June 3rd. Patterson-UTI Energy’s payout ratio is 47.06%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PTEN shares. Bank of America decreased their target price on shares of Patterson-UTI Energy from $14.00 to $12.50 and set a “buy” rating for the company in a research note on Monday, July 15th. Piper Sandler decreased their target price on shares of Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Evercore ISI decreased their target price on shares of Patterson-UTI Energy from $18.00 to $17.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. StockNews.com lowered shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, Benchmark reaffirmed a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.95.

Insider Buying and Selling

In related news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of Patterson-UTI Energy stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $11.55, for a total transaction of $1,732,500.00. Following the transaction, the director now owns 2,007,895 shares of the company’s stock, valued at approximately $23,191,187.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.

Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.