Magnetar Financial LLC Sells 9,507 Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN)

Magnetar Financial LLC lessened its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 3.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 261,847 shares of the oil and gas company’s stock after selling 9,507 shares during the quarter. Magnetar Financial LLC owned 0.07% of Patterson-UTI Energy worth $3,126,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Fortitude Family Office LLC raised its holdings in Patterson-UTI Energy by 320.7% in the 1st quarter. Fortitude Family Office LLC now owns 2,091 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 1,594 shares in the last quarter. Lindbrook Capital LLC increased its holdings in Patterson-UTI Energy by 66.5% in the 1st quarter. Lindbrook Capital LLC now owns 3,335 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 1,332 shares during the period. Neo Ivy Capital Management acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at approximately $40,000. CWM LLC lifted its holdings in shares of Patterson-UTI Energy by 28.5% during the 1st quarter. CWM LLC now owns 4,031 shares of the oil and gas company’s stock worth $48,000 after acquiring an additional 893 shares during the period. Finally, Fidelis Capital Partners LLC bought a new position in Patterson-UTI Energy in the first quarter valued at approximately $56,000. 97.91% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on PTEN shares. Piper Sandler reduced their target price on Patterson-UTI Energy from $14.00 to $12.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Stifel Nicolaus reduced their price objective on Patterson-UTI Energy from $19.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, July 16th. Bank of America lowered their target price on 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. Royal Bank of Canada decreased their price target on shares of Patterson-UTI Energy from $15.00 to $14.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Benchmark reissued a “hold” rating on shares of Patterson-UTI Energy in a research note on Monday, May 6th. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $14.77.

Patterson-UTI Energy Trading Down 0.1 %

Shares of NASDAQ:PTEN traded down $0.01 during mid-day trading on Friday, reaching $10.43. 10,483,108 shares of the company’s stock were exchanged, compared to its average volume of 7,601,194. The firm has a market capitalization of $4.19 billion, a price-to-earnings ratio of 15.34 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 business’s fifty day moving average price is $10.36 and its 200-day moving average price is $10.94. The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.28 and a current ratio of 1.50.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its 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 return on equity of 4.49% and a net margin of 2.28%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. During the same period in the previous year, the business earned $0.46 EPS. On average, research analysts predict that Patterson-UTI Energy, Inc. will post 0.48 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend is Tuesday, September 3rd. Patterson-UTI Energy’s dividend payout ratio is presently 47.06%.

Insiders Place Their Bets

In other news, Director Robert Wayne Drummond, Jr. sold 150,000 shares of the company’s stock in a transaction on Monday, May 20th. The shares were sold at an average price of $11.55, for a total value of $1,732,500.00. Following the sale, the director now directly 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 SEC, which is available at the SEC website. Company insiders own 2.30% of the company’s stock.

About Patterson-UTI Energy

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.