Havemeyer Place LP Takes $671,000 Position in Patterson-UTI Energy, Inc. $PTEN

Havemeyer Place LP acquired a new position in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 109,842 shares of the oil and gas company’s stock, valued at approximately $671,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. WINTON GROUP Ltd acquired a new position in shares of Patterson-UTI Energy in the 4th quarter valued at $78,000. Bank of New York Mellon Corp raised its holdings in Patterson-UTI Energy by 2.8% during the 4th quarter. Bank of New York Mellon Corp now owns 3,962,950 shares of the oil and gas company’s stock worth $24,214,000 after buying an additional 107,381 shares during the period. Goldman Sachs Group Inc. raised its holdings in Patterson-UTI Energy by 110.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 10,559,219 shares of the oil and gas company’s stock worth $64,517,000 after buying an additional 5,551,276 shares during the period. Monaco Asset Management SAM lifted its stake in Patterson-UTI Energy by 116.1% during the fourth quarter. Monaco Asset Management SAM now owns 6,714,355 shares of the oil and gas company’s stock valued at $41,025,000 after buying an additional 3,607,042 shares in the last quarter. Finally, Clear Harbor Asset Management LLC lifted its stake in Patterson-UTI Energy by 114.4% during the fourth quarter. Clear Harbor Asset Management LLC now owns 167,527 shares of the oil and gas company’s stock valued at $1,024,000 after buying an additional 89,400 shares in the last quarter. 97.91% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PTEN. The Goldman Sachs Group lifted their target price on shares of Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Stifel Nicolaus upped their price target on shares of Patterson-UTI Energy from $11.00 to $14.00 and gave the company a “buy” rating in a research report on Friday, April 24th. Susquehanna raised their price objective on shares of Patterson-UTI Energy from $13.00 to $14.00 and gave the stock a “positive” rating in a research note on Wednesday, May 27th. Bank of America reiterated a “buy” rating on shares of Patterson-UTI Energy in a research report on Monday, March 2nd. Finally, KeyCorp upgraded Patterson-UTI Energy to an “overweight” rating in a report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $12.30.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $11.90 on Tuesday. The company has a 50 day simple moving average of $11.36 and a 200-day simple moving average of $8.89. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of -38.39 and a beta of 0.61. Patterson-UTI Energy, Inc. has a 52-week low of $5.10 and a 52-week high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last announced its quarterly earnings data on Wednesday, April 22nd. The oil and gas company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Patterson-UTI Energy had a negative net margin of 2.56% and a negative return on equity of 2.32%. Patterson-UTI Energy’s revenue was down 12.7% compared to the same quarter last year. Equities research analysts predict that Patterson-UTI Energy, Inc. will post -0.15 earnings per share for the current fiscal year.

Patterson-UTI Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Monday, June 1st. Patterson-UTI Energy’s payout ratio is currently -129.03%.

Insider Activity at Patterson-UTI Energy

In related news, Director Cesar Jaime sold 10,000 shares of Patterson-UTI Energy stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $12.29, for a total transaction of $122,900.00. Following the completion of the sale, the director owned 77,462 shares of the company’s stock, valued at approximately $952,007.98. This trade represents a 11.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO James Michael Holcomb sold 150,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $11.47, for a total value of $1,720,500.00. Following the completion of the transaction, the chief operating officer owned 421,523 shares in the company, valued at $4,834,868.81. This trade represents a 26.25% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 958,949 shares of company stock valued at $11,107,535. Insiders own 2.20% of the company’s stock.

About Patterson-UTI Energy

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.