Convergence Investment Partners LLC Invests $1.32 Million in Patterson-UTI Energy, Inc. $PTEN

Convergence Investment Partners LLC purchased a new position in Patterson-UTI Energy, Inc. (NASDAQ:PTEN) during the first quarter, HoldingsChannel reports. The firm purchased 122,358 shares of the oil and gas company’s stock, valued at approximately $1,325,000.

Several other institutional investors also recently bought and sold shares of the company. Tudor Investment Corp ET AL bought a new position in Patterson-UTI Energy in the 3rd quarter valued at approximately $2,206,000. SG Americas Securities LLC increased its holdings in shares of Patterson-UTI Energy by 141.3% in the 4th quarter. SG Americas Securities LLC now owns 183,804 shares of the oil and gas company’s stock worth $1,123,000 after purchasing an additional 107,638 shares in the last quarter. Prescott Group Capital Management L.L.C. bought a new stake in shares of Patterson-UTI Energy in the 4th quarter worth $1,161,000. Principal Financial Group Inc. raised its stake in shares of Patterson-UTI Energy by 92.6% in the fourth quarter. Principal Financial Group Inc. now owns 8,515,581 shares of the oil and gas company’s stock worth $52,030,000 after purchasing an additional 4,093,636 shares during the last quarter. Finally, Gagnon Securities LLC raised its stake in shares of Patterson-UTI Energy by 69.0% in the fourth quarter. Gagnon Securities LLC now owns 352,777 shares of the oil and gas company’s stock worth $2,155,000 after purchasing an additional 144,080 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Price Performance

NASDAQ PTEN opened at $10.53 on Wednesday. The business’s fifty day moving average price is $10.72 and its 200-day moving average price is $9.76. The stock has a market capitalization of $4.00 billion, a price-to-earnings ratio of -33.97 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.84 and a quick ratio of 1.63. Patterson-UTI Energy, Inc. has a 1-year low of $5.10 and a 1-year high of $13.08.

Patterson-UTI Energy (NASDAQ:PTEN) last released its quarterly earnings results on Wednesday, April 22nd. The oil and gas company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.04. Patterson-UTI Energy had a negative return on equity of 2.32% and a negative net margin of 2.56%.The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. The firm’s revenue for the quarter was down 12.7% on a year-over-year basis. On average, equities analysts predict that Patterson-UTI Energy, Inc. will post -0.08 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PTEN shares. Stifel Nicolaus upped their price target on Patterson-UTI Energy from $14.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, June 16th. The Goldman Sachs Group boosted their target price on Patterson-UTI Energy from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Thursday, June 4th. Zacks Research cut shares of Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Morgan Stanley raised their price target on shares of Patterson-UTI Energy from $7.00 to $10.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Patterson-UTI Energy in a research note on Tuesday, May 26th. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $12.15.

Insider Activity at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director Cesar Jaime sold 10,000 shares of the business’s stock in a transaction dated 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 directly owned 77,462 shares in the company, valued at $952,007.98. The trade was a 11.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert Wayne Drummond, Jr. sold 61,475 shares of the business’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $12.02, for a total value of $738,929.50. Following the sale, the director owned 1,128,773 shares of the company’s stock, valued at approximately $13,567,851.46. This represents a 5.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 1,007,844 shares of company stock valued at $11,922,302 in the last 90 days. 2.20% of the stock is owned by company insiders.

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.