Templeton & Phillips Capital Management LLC Makes New Investment in Patterson-UTI Energy, Inc. $PTEN

Templeton & Phillips Capital Management LLC bought a new stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) in the third quarter, Holdings Channel reports. The institutional investor bought 113,550 shares of the oil and gas company’s stock, valued at approximately $588,000. Patterson-UTI Energy comprises about 0.4% of Templeton & Phillips Capital Management LLC’s holdings, making the stock its 19th biggest holding.

A number of other institutional investors and hedge funds have also recently modified their holdings of PTEN. Sourcerock Group LLC raised its stake in Patterson-UTI Energy by 109.2% during the second quarter. Sourcerock Group LLC now owns 13,803,775 shares of the oil and gas company’s stock valued at $81,856,000 after purchasing an additional 7,205,652 shares in the last quarter. Norges Bank bought a new stake in shares of Patterson-UTI Energy in the 2nd quarter worth about $25,987,000. Holocene Advisors LP raised its position in shares of Patterson-UTI Energy by 7,113.3% during the 2nd quarter. Holocene Advisors LP now owns 3,336,066 shares of the oil and gas company’s stock valued at $19,783,000 after buying an additional 3,289,817 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Patterson-UTI Energy by 23.4% in the 2nd quarter. American Century Companies Inc. now owns 14,463,590 shares of the oil and gas company’s stock valued at $85,769,000 after acquiring an additional 2,746,159 shares during the last quarter. Finally, Monaco Asset Management SAM lifted its holdings in shares of Patterson-UTI Energy by 694.8% in the 2nd quarter. Monaco Asset Management SAM now owns 3,060,000 shares of the oil and gas company’s stock valued at $18,146,000 after acquiring an additional 2,675,000 shares during the last quarter. 97.91% of the stock is owned by hedge funds and other institutional investors.

Patterson-UTI Energy Stock Down 5.0%

NASDAQ:PTEN opened at $8.14 on Friday. The company has a market cap of $3.09 billion, a price-to-earnings ratio of -32.56 and a beta of 0.76. Patterson-UTI Energy, Inc. has a twelve month low of $5.10 and a twelve month high of $9.25. The company has a current ratio of 1.64, a quick ratio of 1.46 and a debt-to-equity ratio of 0.38. The stock has a fifty day simple moving average of $6.89 and a 200-day simple moving average of $6.15.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Wednesday, February 4th. The oil and gas company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.09. The company had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $1.10 billion. Patterson-UTI Energy had a negative net margin of 1.94% and a negative return on equity of 1.50%. The firm’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.13) EPS. Analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current year.

Patterson-UTI Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be issued a $0.10 dividend. The ex-dividend date is Monday, March 2nd. This is a positive change from Patterson-UTI Energy’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a dividend yield of 4.9%. Patterson-UTI Energy’s dividend payout ratio (DPR) is presently -128.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on PTEN shares. Piper Sandler upped their price objective on Patterson-UTI Energy from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Monday. Tudor Pickering downgraded Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $6.00 price objective (down previously from $7.00) on shares of Patterson-UTI Energy in a research report on Wednesday, December 10th. Finally, Royal Bank Of Canada increased their target price 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. Three equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $8.00.

Insider Transactions at Patterson-UTI Energy

In other Patterson-UTI Energy news, Director James Carl Stewart sold 368,254 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $5.87, for a total transaction of $2,161,650.98. Following the transaction, the director directly owned 207,000 shares in the company, valued at $1,215,090. This trade represents a 64.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.40% of the stock is currently 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.