Patterson-UTI Energy, Inc. (NASDAQ:PTEN) Shares Purchased by Bayforest Capital Ltd

Bayforest Capital Ltd boosted its stake in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN - Free Report) by 416.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 126,477 shares of the oil and gas company's stock after acquiring an additional 101,980 shares during the quarter. Patterson-UTI Energy comprises about 0.5% of Bayforest Capital Ltd's investment portfolio, making the stock its 25th biggest position. Bayforest Capital Ltd's holdings in Patterson-UTI Energy were worth $1,040,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in PTEN. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Patterson-UTI Energy by 1,443.0% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,441 shares of the oil and gas company's stock valued at $29,000 after purchasing an additional 3,218 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $39,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Patterson-UTI Energy in the fourth quarter valued at approximately $42,000. Blue Trust Inc. lifted its holdings in Patterson-UTI Energy by 42.9% during the first quarter. Blue Trust Inc. now owns 7,167 shares of the oil and gas company's stock worth $59,000 after buying an additional 2,153 shares during the period. Finally, Crestline Management LP purchased a new stake in Patterson-UTI Energy during the fourth quarter worth $85,000. 97.91% of the stock is owned by institutional investors.

Insider Activity

In other news, Director James Carl Stewart sold 5,500 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $5.98, for a total transaction of $32,890.00. Following the completion of the sale, the director owned 999,754 shares in the company, valued at $5,978,528.92. This trade represents a 0.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.40% of the stock is owned by corporate insiders.

Patterson-UTI Energy Price Performance

Shares of PTEN stock traded down $0.37 during mid-day trading on Friday, hitting $5.54. 8,927,268 shares of the stock were exchanged, compared to its average volume of 11,777,655. The firm has a fifty day moving average of $6.07 and a 200 day moving average of $6.95. The company has a quick ratio of 1.50, a current ratio of 1.73 and a debt-to-equity ratio of 0.37. Patterson-UTI Energy, Inc. has a 52-week low of $5.12 and a 52-week high of $9.99. The company has a market cap of $2.14 billion, a PE ratio of -2.01 and a beta of 1.32.

Patterson-UTI Energy (NASDAQ:PTEN - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The oil and gas company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.02). The company had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.24 billion. Patterson-UTI Energy had a negative net margin of 21.49% and a negative return on equity of 1.94%. The company's quarterly revenue was down 9.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.03 earnings per share. Research analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 earnings per share for the current year.

Patterson-UTI Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.08 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $0.32 dividend on an annualized basis and a dividend yield of 5.8%. Patterson-UTI Energy's dividend payout ratio (DPR) is currently -11.59%.

Analysts Set New Price Targets

PTEN has been the subject of several analyst reports. Citigroup reiterated a "neutral" rating and set a $6.50 price objective on shares of Patterson-UTI Energy in a report on Monday, May 19th. Susquehanna cut their target price on Patterson-UTI Energy from $9.00 to $8.00 and set a "positive" rating on the stock in a research report on Wednesday, June 4th. Royal Bank Of Canada cut their target price on Patterson-UTI Energy from $9.00 to $8.50 and set an "outperform" rating on the stock in a research report on Friday, July 25th. Piper Sandler initiated coverage on Patterson-UTI Energy in a research report on Tuesday, July 15th. They issued a "neutral" rating and a $7.00 target price on the stock. Finally, The Goldman Sachs Group cut their price target on Patterson-UTI Energy from $11.00 to $8.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $8.27.

Patterson-UTI Energy Profile

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.