Holocene Advisors LP Grows Stock Position in Patterson-UTI Energy, Inc. $PTEN

Holocene Advisors LP boosted its holdings in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 176.6% during the third quarter, Holdings Channel reports. The institutional investor owned 9,228,022 shares of the oil and gas company’s stock after buying an additional 5,891,956 shares during the period. Holocene Advisors LP’s holdings in Patterson-UTI Energy were worth $47,801,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PTEN. Royal Bank of Canada increased its stake in shares of Patterson-UTI Energy by 23.7% during the 1st quarter. Royal Bank of Canada now owns 169,995 shares of the oil and gas company’s stock valued at $1,397,000 after acquiring an additional 32,622 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Patterson-UTI Energy by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 231,637 shares of the oil and gas company’s stock worth $1,904,000 after acquiring an additional 10,142 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Patterson-UTI Energy by 4.9% in the first quarter. Goldman Sachs Group Inc. now owns 4,747,463 shares of the oil and gas company’s stock worth $39,024,000 after acquiring an additional 220,422 shares during the last quarter. United Services Automobile Association purchased a new stake in Patterson-UTI Energy in the first quarter valued at approximately $176,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Patterson-UTI Energy by 3.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 864,492 shares of the oil and gas company’s stock valued at $7,106,000 after purchasing an additional 30,217 shares during the period. Hedge funds and other institutional investors own 97.91% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PTEN shares. Bank of America reaffirmed a “buy” rating on shares of Patterson-UTI Energy in a research note on Monday, March 2nd. Royal Bank Of Canada boosted their price objective on shares of Patterson-UTI Energy from $8.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, February 6th. Stifel Nicolaus upped their price objective on Patterson-UTI Energy from $9.00 to $11.00 and gave the stock a “buy” rating in a report on Friday, February 6th. The Goldman Sachs Group increased their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. Finally, Piper Sandler lifted their target price on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Monday, February 9th. Five investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.11.

Insiders Place Their Bets

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $5.87, for a total value of $2,161,650.98. Following the completion of the sale, the director owned 207,000 shares of the company’s stock, valued at $1,215,090. This trade represents a 64.02% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by corporate insiders.

Patterson-UTI Energy Trading Down 1.5%

Shares of PTEN stock opened at $10.14 on Tuesday. The stock has a market cap of $3.85 billion, a price-to-earnings ratio of -40.56 and a beta of 0.71. The company has a quick ratio of 1.46, a current ratio of 1.64 and a debt-to-equity ratio of 0.38. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $10.46. The firm’s 50 day moving average price is $8.08 and its two-hundred day moving average price is $6.65.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings data on Wednesday, February 4th. The oil and gas company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.09. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the business earned ($0.13) earnings per share. The business’s quarterly revenue was down 1.0% compared to the same quarter last year. On average, analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a dividend of $0.10 per share. This is a boost from Patterson-UTI Energy’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $0.40 annualized dividend and a yield of 3.9%. Patterson-UTI Energy’s dividend payout ratio is presently -160.00%.

Patterson-UTI Energy Company Profile

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.